I mere 1% off All Time Fucking High (ATFH), which was printed today - its a bloodbath!
I can't understand how there is so much damage across the tape over past month and espessially today. All thru March we had a crush (or at-least a mini-bear market) in all momentum names, prior market leaders or just any damn stock that was up. System9 had few of them (now all out) and was buying some others, but its almost impossible to hold anything for more than a couple of days, even with wider stops. Turnover in System9 account is tremendous, going from 30%cash to 5%cash to back over 30% in a span of less than 1 month. Now THAT never happened to me before!
Only respite was a big, liquid mega-cap stocks - under premise that this is the only place to park money. As chance would have it - exactly the kind of stocks that picked by System12. Good for me, no question about it. Obviously I took much more losses elsewhere, and I wasn't even heavily into these momentum hand-grenades. Sure, I tried FEYE at what seemed like support, but was stopped out. Then SCTY, SWI twice - couple of percent loss each time. Then ag stocks went, followed by WDC, sector etf's etc. Now that is too much - good quality institutional names are falling like its a bear market. Not even a bounce during a day.
What a hell is going on?
I doubt I will find an answers on time. Only price pays, and it hasn't paid in weeks. I got my low risk entry point, that is defined by a stop. The stop hits and I am out. Small pain, so I can preserve my money for large gain. Except there is only so much of many, many small pains I can take. Of 14 positions I entered during previous and this week, only 4 survived (and one of them only by a smidge). Even some System12 stocks made me think about Emergency Exit (EE), I even put 2 stop-loss orders during the day, but then cancelled them. EE is a drastic measure, although vaguely defined, there should not be any doubt about its necessity and urgency, which is a whole point of EE.
We opened strongly off some BS news, SPX went up like 7, but collapsed an hour later. SPX -23 on a close doesn't even tell the whole story. Nasdaq is -110, as this is where the most carnage happened. Most of my stocks (like 8 out of 10) are not even Nasdaq listed, still only 4 are green in BCM account (LO, CCJ, JNJ, RDS). System9 account was supported by miners, IYR, utilities and few other things, but it wasn't nearly enough to cushion the blow.
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