Apparently the markets have reversed course, once again when the bears were waiting for the elusive 3 of 3 of 3 of 3, etc. down. Who could've called it? I believe I did once again, although a tad early. I bought SSO at 49.25 and I bought UCO at 37.80, almost where it was announced that we were releasing reserves. I told my brother that releasing those reserves would mark a short term botttom within two days, and I seem correct in that rhetoric.
I'm already lightening my load on long positions because we need to listen to the bears, and sometimes the market panders, hahaaa (pandas, panda bear?), to the bears, to keep them in the market. Remember, someone has the other side of your trade!!!
I sold UCO for 13% (in three days) and I sold all of my SSO. I have now entered short term SPY puts. Why? I locked in good profits since oil dropped below 91, which was my target, and the SSO was an okay trade, meaning I didn't lose money.
There is still a chance we get a low under 1258, although I posted before I only give it 15% odds. The Wilshire already reached wave 1 zone, but until the majors DJIA and S&P do, I'm not getting bullish complacent. We all know that the market drops much faster than it inclines.
Anyway, I'm going on vacation tonight with 10 contracts of SPY 130 puts under my belt. I'll be back Tuesday, perhaps, after a nice long weekend of fishing. Remember, it's not only about making money, you still have to live life!!