Unanswered Questions – Tomorrow is a new Trading Day

Friday 11am

Up 210,000 yesterday, down 27,000 today, but the firm overall was down 70,000, that maths just won’t work. I am considering taking the whole firm to 0. And going a week or two on intraday trading only. I have taken home a position of short high beta names and long S&P futures. This will be my last shot at taking home overnight non-fundamental positions for a while. There just doesn’t seem to be a point. I think the action in the market is telling me we are failing to break to new highs, but there doesn’t seem to be a problem getting shorts off if you are short term bearish like me. I still believe we will close the year with a 1445sh level on the S&P cash close. We really have come too far, we are extended and I don’t believe that we have proven that 1300 is a real level of support. If earnings season is amazing than I am clearly wrong and as the saying goes if you cant beat them, join them. There are just too many bulls out there. I am tired of listening to another CNBC talking head predicting we are going higher, quite frankly I have not heard a single Bear in some time.  As I write this, I am down 21,000.

Fast forward to 4pm Friday.

It is the end of the day, I gave no positions, I am up 55,000 on the day, and this brings me to up 238,000 on the month. But the Firm was only up 20,000. Once again, this maths will not work. I am the wrong person to carry the trading P&L. I am the right person to lead the business. So I gave taken my book to 0 positions. I intend on working with one of my partners. He will pick the names I will actively trade them. He will tell me his core position requirements, I will hedge the book. Together we should do quite well.

Enough on the trading.

So, as I am in Trader Rehab, though I am in the re-acclimation stage, I will continue my own self-analysis, and not focus on my current short-term frustrations. The current question that plagues me is “When is it enough.” When last I blogged I was recounting the suffering my grandfather lived through.

Saturday 10AM


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