Hi Guys,
Well, the tide sure turned quickly. In yesterday's email, I talked about how the market had shown strength two days in a row. Since that email, the S&P 500 has gone down a whopping 210 points. The market proved it's still in a very volatile state.
That's now three weeks in a row when the market has had a big drop on a Thursday, which coincides with my timing for manually closing open option positions. That didn't work out well for me this week and I took losses on those positions. I've lived through a very similar sequence in the past, and I've also lived through the opposite, where the market goes up at the perfect time repeatedly.
So as challenging as it can be to live through tough market conditions like this, I can tell you that it's not always like this. I'm going to stay grounded and stick to the plan. We have no way of knowing what's coming next, and for all we know, this storm will turn into a rainbow. I've seen it so many times. It doesn't mean it's imminent, though, and there is very real risk involved, as always.
I picked up a big load of new positions today. In the main account, I bought stock positions for CFG and BX, as well as option positions for USB and DFS. In the options account, I bought options for XLF and PNC. In the double down account, I bought stock positions for DFS, IWM, and USB.
If you have any questions or feedback, I'd love to hear from you.