What a nice day in the markets today. Every major average was up over 3%. First day of new quarter buying…I guess. Too bad I had the worst day in the markets in quite some time. Down 6%. That was really ugly for me.
I averaged in on some SPY April Puts and now I own:
April 30 Puts
April 32 Puts
April 34 Puts
I also own some Citi May 17.50 and 20 Puts.
When the market completely goes against you and you are aggressively anticipating a movement in the opposite direction, it really does hurt. I have to admit that I was essentially wrong. The play would have been to be long the market yesterday and if my thesis about the jobs number was still intact, sell the double around 3:50 PM. Of course, hindsight is always 20/20.
As of the close today, I am 37% short in all of my holdings. I am long 63%, but I did take a whacking today in UNG and V. MO took a beating too, but I swapped out of that and into PM. No more MO. No more great dividend yield.
NYX was really the only thing that was up in a big way. PG was up nicely, but that is such a solid stock that it doesn’t move very much in any type of market. I never like verbally rooting for a bear market move, so I won’t do it. In the end, I do want the market to move higher. Friday’s employment numbers will be what they are. Nothing anyone can do either way.
I will wait to see what type of follow-through this market has before deciding what to do next.
Filed under: The Market | Tagged: C, MO, NYX, PG, PM, puts, SPY
