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My Trading Diary
The S&P 500 started the day in the red, but rather than accelerate lower like yesterday, prices quickly found support and are trying to get back to breakeven.
This is one of those half-full, half-empty situations. I like this market and I’m not worried about this dip. But at the same time, it keeps hitting some of my stops. At this point, I’m half in and half out and that is probably a good place to be given the uncertainty.
Will this emotional selloff accelerate or dry up? I have no idea and I’m currently playing both sides of the fence. If prices firm up this afternoon, then I’ll start adding back in. If we retreat under this morning’s lows, I’ll continue peeling off. No big deal. As long as I am in the right place at the right time, that’s all that matters.
My Trading Plan
Most Likely Next Move: This is a buyable dip and prices will return to the highs. The only question is how low we go first.
My Trading Plan: I’m half in and half out. If prices slump this afternoon, I’ll continue peeling off. If the market trades well, I’ll start adding back in.
If I’m Wrong: At this point, I’m ready for this market to go in either direction and I don’t really care which way it goes. Higher means profit. Lower means even more profit. I’m okay no matter what happens.
Jani Ziedins (pronounced Ya-nee) is a full-time investor and financial analyst that has successfully traded stocks and options for nearly three decades. He has an undergraduate engineering degree from the Colorado School of Mines and two graduate business degrees from the University of Colorado Denver. His prior professional experience includes engineering at Fortune 500 companies, small business consulting, and managing investment real estate. He is now fortunate enough to trade full-time from home, affording him the luxury of spending extra time with his wife and two children.