Hey Guys,
It's wild out there today in the markets. The collapse of Silicon Valley Bank has created a lot of volatility. Right now the S&P 500 is around 3,870, but after I turned my attention for 60 seconds, the price had already moved 15 points.
My position on BP gapped down below the stoploss this morning, so I took a loss on that position. That wasn't fun, but of all days, this is one where we can benefit from looking at the big picture and recognizing that I'm actually lucky.
I am in a fortunate position because last week during the market meltdown I didn't have many positions open. It's like a side-stepped most of the danger. There were a few losses, like BP, but that was nothing compared to my normal portfolio size (5-10 positions per account). So even though BP bit the dust, I'm not feeling upset about it personally. I'm actually feeling thankful I avoided serious damage.
I want to point out another thing. You never know where the market is headed next. I remember several years ago when there was an economic incident with Greece that caused concern. The market tanked for 2 days, and then the next 2 days it shot right back up and completely recovered. Greece's situation hadn't changed, but the market apparently didn't care. I try not to predict what the market will do. I try to stick to my plan and go with the flow wherever it leads.
I picked up some new positions today. In the main account, I bought stock positions for BUD and HMC. In the options account, I bought options for BUD. And in the double down account, ACGL triggered on Friday but I couldn't get it at the time due to that weird outage situation in my area. I said I'd buy it when I got the power back, and it never came back Friday so I bought it today.
If you have any questions or feedback, I'd love to hear from you.