Hey Guys,
The market is still hovering in the same vicinity as it was yesterday. It's down near the 3900 level for the S&P 500.
A friend of mine pointed out to me yesterday that if the S&P 500 goes below 3850 approximately, then it would be considered a bear market (the market has to be down 20% from its high to qualify). Two separate times in the last 10 days the market has gone down to that 3850 level and bounced off it, so perhaps there is some support there (new buyers who are stepping in when the price gets down to that level). We'll see if that support level continues to hold up.
I haven't taken on any new positions yet today. WDC from the watch list might be the closest to triggering, but we'll see if it actually hits at any point today.
I closed out three separate positions today for a loss. Mattel reached its stoploss while I was typing this email. And LPX and CHRW both reached their time limits and were closed for partial losses. Not a fun way to end the week, but I try to detach from my trading results, good or bad, each day when I leave my desk. We're certainly here to try to make a profit, but I don't want to get emotionally invested in every twist and turn my portfolio takes in the short term.
If you have any questions or feedback, I'd love to hear from you.