Hey Guys,
The market responded poorly to the Fed's announcement yesterday. Initially everything went up and it looked like roses and rainbows, but as we've seen so many times in this market, volatility showed up and the tide turned. The market is down more than 100 points from where it was when I emailed yesterday. The S&P 500 is around 3,720 right now.
I picked up a full slate of positions today. In the main account, I bought shares of DAL and PKI. In the extra options account, I bought options for DAL and MAR. In the low-priced account, I bought stock positions for RCL and JXN. That RCL position actually came off the watch list for the main account, but since it had a low share price I was able to take it on in my low-priced account.
The waters are choppy out there right now, but you never know what will happen next. We've seen all year that the market can change its mind in an instant. I'm taking heat on many positions right now, but that doesn't mean they'll be losers by the time the trades are over. There is clearly real risk involved, but until the trade is done I stick to the plan and give it the space to breathe within the parameters of my back-tested trade rules.
My options position for ABBV reached its time limit today, so I'll be manually closing the position right before the market closes today if it doesn't reach it's profit target or stoploss first.
If you have any questions or feedback, I'd love to hear from you.