I waz watching at 11 AM NYC time, and saw markets down 4% and then stall, and I KNEW, just felt it in my bones that was the start of the rally.
I thought about going 2X long the S&P500 with six figure bet, but I got cold feet.
Instead I bought calls on the S&P500 with significantly less amount of money AND I also did go 2X long the S&P500 with 10% of portfolio into SSO.
Then I got nervous and dumped my SSO position when it was only up 2%
In the end the market did EXACTLY what I expected and trade UP over 7% off the -4% bottom i spotted in the morning.
So I missed most of that rally by selling my SSO early. And I would have been UP over 15% on that position at end of day.
Pathetic!!!
Oh well. I can’t be too greedy.
I did make lots of money today because I bought all of these early in the morning with markets down about 3%:
PTR: PetroChina
PBR: Petrobras
BP: Brit Petro
WFC: Wells Fargo
FXI: ISHARES TR FTSE XINHUA HK CHINA 25 INDEX FD
All those positions are up 7% to 10% off what I bought ’em at this morning, except for Wells Fargo which I’m only up about 2% on.
I made a killing already on the S&P500 calls, but I only bought 1.5% of portfolio on that one.
I think tomorrow will be a strong up day…just guessing now.
ANOTHER PREDICTION:
Just going on instinct here, but predicting this fool’s rally will have STAYING POWER running the markets up over the next weeks probably into Nov….and at least OVER 1,100 on the S&P500.
Staying power will come from increasing signs of stability in financial markets ->Fed / Paulson’s actions starting to work
