Monday, June 24, 2013

Update and watches for tomorrow...

Today was not a particularly good day for my trading account as I was forced to take sizable losses on the open in $ACAD, $FXI and $IYR. As I had lamented in my previous blog post, I thought I might have gotten a bit too aggressive with my long exposure on Friday and the market proved me correct this morning.

So after today's close I'm down around 7% off my account high but still up around 5.5% since my account's inception this year. A 7% draw-down is way too steep and unacceptable on my part. I hate taking more than 3% draw-downs as in the past it has affected my psychology and caused me to revenge trade. However, I more aware of this weakness now and will attempt to slowly claw my way back. After all, I'm not running a race!

After the markets bounce attempt late in today's session, I got back into $ACAD for a swing and so this is the only position I'm holding at the moment. Although I was wrong about getting the bounce today, it is now even more likely that we bounce tomorrow and even higher that we at least get a violent 1 - 2 day bounce this week. So this is what I am positioning myself for. If it starts unfolding tomorrow; I will be looking to add longs from the list below along with my $ACAD position.

WATCH LIST: $PRLB, $AMRI, $RH, $XONE, $SCSS, $YELP, $NXST, $FNGN, $DDD, $INFI

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