They might as well should have scheduled NOV 1 as the NIGHTMARE ON WALL STREET day. But no complaints from me here...my positions are holding well against this massacre and I tell you, I even bought FMCN and some more MA this morning.
I later sold 1/2 of my MA position at $196 during lunch time just to lock some profits. But that's about it.
This is the time to really look deep down and weed out the under performing (HEDGE FUND term for stocks that are causing them massive losses) and rotate the money to the promising positions.
3 comments:
You always make it out with a gain somehow, tell us all how many hundreds of thousands you made this year.
I was about a third biased towards the short-side so my puts balanced out the losses I had on the long-side. It's a good idea to keep some short plays for days like this to help offset things.
Anon,
What can I tell you? I have a crystal ball that looks into the future.
reno,
It's a good thing that you hedge your positions with put options. Unfortunately, I'm fully positioned for a LONG biased. My stocks did held up despite the losses in the market.
-MC
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