Hey Guys,
The market has an enormous drop over the weekend. The S&P 500 dropped more than 100 points between the closing bell Friday and the opening bell today.
Interestingly, my existing positions didn't get affected too badly. My VRSN stock position actually reached its profit target this morning despite the market chaos. My UAL stock and option positions, which had shown a lot of strength Friday, dropped back to breakeven this morning, so that was probably the biggest impact on my existing positions.
Where I was affected noticeably more is with the new positions I took on this morning. I bought both stocks and options this morning, and with KMI and WMB, the price dropped like a rock after I bought them. If you followed along with those trades, my fingers are crossed that you got in at least a minute after I did, because you might have gotten a much better price than me. Either way, I'll stick to the plan like always with those trades, be patient, and see where they lead.
Overall, we're in a good position because our relatively thin portfolios gave us risk protection during the market drop, and on top of that, our positions stayed relatively stable despite the drop.
The market has shown a lot of strength lately prior to this, so it will be interesting see if it puts together a rebound.
If you have any questions or feedback, I'd love to hear from you.