Smoking Securities

Half Baked High Finance

Ouch

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After losing ~4% of my equity in various long plays, I called it quits on Monday after the QQQQ’s breached 30.50 and went back into cash, the dollar (UUP) and some shorts. This market felt too heavy to rally, and time is working against it as GS and MS sag lower and lower, potentially sparking another Lehman-esque sell off. Since last November, I’ve seen ~15% of my trading capital disappear, which is very disappointing because my benchmark (a passive hedged portfolio I started in November of 07) has lost 10% in the same period (pathetic). Though I can find solace in beating the SP500, this is hardly a way to make money. Fucktastic… Nevertheless, like a true addicted gambler, I’ll stay in the game and ride the wave until I’m broke.

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Written by chucklesamadeus

November 11, 2008 at 4:25 pm

Posted in GS, MS, QQQQ, UUP

Tagged with , , ,

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