Hey Guys,
Yesterday when I emailed, I was talking about how the market was showing signs of strength. Since that time, there has been a complete reversal of momentum and the S&P 500 dropped 150 points. That's a whipsaw sort of experience!
To my mind, we were positioned very well for that scenario though, particularly in the main account. We cashed in profits on a lot of trades early in the week and didn't immediately load back up on new positions. It means that when the market came down over the last 24 hours, we didn't take too big of a hit since we didn't have a lot of open positions. It also means we've got plenty of purchasing power to load up on new trades with the market down again.
And that's exactly what I did today. In the main account, I bought positions for D and UNH. In the extra options account, I bought call options for XLU and GSK and sold naked puts for EW. In the low-priced account, I bought stock for GSK and XLU.
I did take a few losses today. Allstate hit its stoploss. It was the one notable casualty from my main account that resulted from the market plunge. In the low-priced account, INCY hit its stoploss and my expiring position on SWCH also incurred a small loss.
If you have any questions or feedback, I'd love to hear from you.