|3/8/2006 11:36 AM EST
I just returned to the office, to discover those recent index purchases were (in part) stopped out.
My trader tells me I was "early;" I consider that a euphemism for wrong.
I will look to redeploy when the set up gets better: A little more oversold, and closer to the bottom of the channel.
It would be too ironic if the most Bearish guy on the RM site was long when the bottom finally dropped out;
Position: long partial positon SPY
UPDATE: Martch 8, 2006 2:35pm
So even if I am becoming a contrary indicator, the discipline must trump the conviction. The timing was wrong, and a partial sale was part of the original plan, and so half the SPX postion was sold.
When I was first learning to trade, we called that "Throwing a Virgin into the Volcano" — a partial sale is a sacrifice to the trading Gods . . .