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Tuesday, April 10, 2012

Can't Sit Tight

The market finally broke down, and I couldn't handle the joy that I had been deprived of for so long that I couldn't help but "sell some joy".  I let go of a good chunk of my remaining inverse ETF's around here at SPY 136. I am fully aware of what I am NOT doing -- to let the winners run.  But like Jesse Livermore said, "They beat themselves, because though they have brains they cannot sit tight."

Looking at the SPY daily chart, it's easy to see where the chart wants to go:  the mid 134 area, which is also around the 23.4 Fib retracement of the miraculous run since last October.  I simply hope the 50 day MA will be back-tested for me to reload some shares.

I sold out of TZA and TVIX.  I have but 200 shares of SPXU, 100 VXX, 600 SH, and 400 SDS left, which won't rock my portfolio value going forward...

Of the few longs that's working today:  GLD, CEF, TLT, RENN, and GEO.

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