Hi Guys,
The market is down this morning. The S&P 500 is around 4,180 right now, which is below the 4,200 price level it was hugging the last few days.
I mentioned yesterday that I had a lot of exposure in the consumer defensive sector yesterday. And to my misfortune, that industry went down noticeably yesterday. It caused my CL position to hit its stoploss. It also triggered some double down entries yesterday on positions I had initiated in the morning.
Even though those positions are down, the trades aren't over until they're over. You never know what will happen to a trade before it ends. I've seen so many times where a trade will turn around and reverse course in the final days of the trade. And that reversal can go both ways. I'm not saying these trades will reverse necessarily, but I'm saying the trades aren't over yet. So I try to stay patient, as always, and give trades the room to breathe.
I only picked up one new position today: ECL stock in the main account. Some of the positions in the main account right now are heavy, meaning they use up a lot of buying power. That limits my ability to take on new positions.
I earned a small dividend on my L stock position last night. For anyone else who also owned it, that dividend will get credited to your account automatically by your broker most likely. The credit will likely post within the next several weeks.
If you have any questions or feedback, I'd love to hear from you.