Ok trimmed into the strength up 150 points. You must think I have impeccable timing – I do. No not really; yes we gapped above the 50 but as we zoomed higher today, we eventually came up to the 100 day moving average which acted as resistance. Maybe I should have sold half instead of 1/4th like I did, but now I have raised my cash position back to 45 % (pretty conservative). This should shield me from the blow we might get tomorrow when Ben Bernacke speaks and allow me to add to UPRO, reducing my cost position as well. A win-win in my book because we are investing for the long haul, where buying the dips and selling the rips is the name of the game. As I stated earlier, I purchased BAC with a stop loss at 7.69 and I am looking for a cheap energy name in the meantime. Will not play with options anymore unless a real opportunity presents itself. Also, instead of the insurance that I have been using options and inverse etfs for, I would rather just manage my positions sizes better. It is easier that way and I avoid the migraines. Will only buy puts again if we break the 200; if you can’t take the heat stay out the kitchen.
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