Hey Guys,
The market took a lot of heat Friday and over the weekend. The S&P 500 is just above 5,500 right now, which matches its low price for the year that we saw a few weeks ago.
Sometimes previous lows can act as support levels, meaning that there might be increased odds of that price level "holding up" and causing the price to rebound. We'll see if that happens here.
Despite the turbulence, my AMT stock position hit its profit target on Friday. That helped cushion the blow a little. On the other hand, my FXI stock position reached its time limit this morning and ended up with a loss.
I took on new positions today. In the stocks account, I bought another helping of OKTA shares as well as SCCO shares. In the options account, I bought more options for both OKTA and BIDU.
The reason I bought more positions for the same tickers is because they set up for my double down trading strategy. When I buy another position for the same ticker, I treat that new trade independently, as if it has nothing to do with the first trade.
That's a little easier to comprehend when it comes to options since the option trades I took today for BIDU and OKTA have different strike prices than the ones I took last Friday. For the stock trade for OKTA, it's not as obvious. But even though I have two stock trades for the exact same ticker symbol (OKTA), I treat them each as if they are completely separate. If one trade finishes, that has nothing to do with the other trade. They have independent exit criteria, so my OKTA trade today is just like a new trade for any other ticker.
If you have any questions or feedback, I'd love to hear from you.