I've been sick on and off for past 3 months. Finally it did me in. Spent few days relaxing, not in bed, but around it. Seeing doctor on Thursday - I give up, need some pills or something.
Markets are tired too, but not sick yet. Soon it will change.
I have been winding down my stock portfolio for the past couple of weeks. Selling every time I see big volume coming in, or even near support being taken out. Trailing my stops up, until they are hit. I see only few good set-ups and mostly ignoring them, except for some special cases.
I am not calling a top here and now, although it may be close. Mainly I am tired. I have been slugging for months, all while being sick and it catches up with me. I know that I can't go non-stop. I will start making mistakes, then I will try to "press" in order to make up for losses, then I will turn significant profit into an unnecessary draw-down.
It doesn't mean I am stopping operations all-together. Not at all. I just laying off stocks in general, taking intensity of trading way down and not trying to be 100% in.
3/4 - BAL 53.54 Half position Cotton
3/5 - SLV 28.03 Half pos
3/5 - SCTY 18.45 1/4pos
3/5 - MGAM 19.06 Half pos
3/5 - FB 28.07 Half pos
3/6 - SIL 17.71 Half pos Silver Miners
3/12 - QID 26.41 This is not a hedge, but a directional trade. No stop for now, but watching 69qqq area. Almost all breakouts failed on QQQ over past 3 months. may not work this week as Quad Witching week is very bullish thru Friday
3/13 - XHB 29.51 If something goes up, it must be homies... Or is it over too? Stop under 29.25
3/7 - SCTY 16.42 All out. Earnings sucks. So why did it go up all this time?
3/7 - FSCHX 125.60 Sold 1/3 size. Continue to reduce.
3/8 - GEO 35.79 Quick trade out.
3/11 - MGAM 19.65. All out. Continuing on-line poker research. This company doesn't really fit into what I think will happen. Seems that casinos themselves are setup the best for internet gaming. They will hire somebody inhouse or go to big development company to set up a "System".
3/12 - TSCO 102.98 Its still going sideways, but I see alot of selling intraday and in 104-105 top range. Will consider re-entry above resistance.
3/12 - SCO 39.34 Stoped out on overnight gap. I wrote on many occasions about gap-risk, and here it is - taking away large portion of my gains. Re-entry possible.
3/12 - FB 27.66 50dma and 29ish level proving to be too much of resistance. Watching
3/13 - IBB 155.56 All out. Enough for now
3/13 - TAN 17.70 Closed day below 2 previous lows on daily chart (17.50 level). This may be H&S top, with possible target of 13-14. There is not much support there. I'm afraid I will have to look for individual stocks, cus Solar Industry is in trouble as a whole
Full size positions: CCJ, TSLA, QID,XHB
FSCHX (tracked by $CEX) 2/3 pos size and reducing
Total PM allocation is 2 full pos size.
UPDATE 3/14/2013 7am:
I swear it looks like bear flag on a daily chart
And miners are no better
And Dollar is a horse - if it doesn't stop somewhere here, it goes all the way.
3/1 GEO 45
3/9-3/11 - IBM 7; XOM 10; CVX 12