I have been wanting to short SPY from $450; twice I shorted only to close it for a quick gain. Not a big position just couple of hundred shares. Given my luck, this may mark short-term bottom, if it is all of you can thanks me. If not, I will come back and crow what a great market timer I am.
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Closed it. Not feeling confident to hold long or short.
Not feeling confident to hold long or short.
This is funny as I acted similarly today, not only not confident but completely confused:
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On Monday after their extreme fall from grace I bought Sep’22 calls for SaaS stocks. Yesterday I came to the conclusion that I have no real confidence about their direction at all and sold them yesterday and today — and was very relieved of having gotten out without a big loss.
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As I still believe in Jim’s “Minor Bottom Signals” and Berkshire is down to 1.32x BV I bought Jan’24 calls, with the intention to buy more if Berkshire continues to fall. Much better feeling than with the SaaS stocks as Berkshire clearly is more predictable.
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JimKredux’ reply to my “Too early?” question made me realize that this is just stupid brainless action for actions sake, just “to do something”. That as JK I also don’t need to do anything until predictable Berkshire or similar OBVIOUSLY gets ridiculously cheap — and not only do not need to do anything, but SHOULD not do anything in such an apparently confused state.
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So I sold the BRK calls I bought just a few hours ago. Now at least I know what a “Day Trader” is: Someone who spends his life in front of ticker symbols. Can’t imagine others to be equally confused, but who knows.
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P.S.: It was a stroke of genius that 2 decades ago I gave all my money to Warren. Having practically only Berkshire shares saves me from myself.
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