I did not expect to see a 100 points drop in the SP500 pre-market today; in fact, I was expecting a bounce. It was one of those moment when you saw the “sh*t” hit the fan and you sorted of accepted the inevitable. Like the moment when my friend was driving the car way too fast in the freeway that I thought we were going to die crashing onto the slow truck ahead of us.
“This is it. Good bye world,” I said to myself calmly with no fear of dead.
And in the last second, my friend found an opening to the left lane, thanks to the astute driver on the left who slowed down, and narrowly escaped the collision.
While not as profound as the almost car casualty, I was quite calm watching the DOW lost 1,000 points. Oh yeah, having no margin on my main port helped quite a bit in maintaining serenity in the face of market capitulation.
Below is the $SPY weekly chart so that I could show the October support of last year.
Look at the giant spinning top candlestick bar bouncing off the support from October of last year. I say we will bounce from here. Oh well, I’ve the after-hour trading (up 42 points on the SP500) to confirm my prediction.
Needless to say, my port performance today is as ugly as yours. But I’m cool with that ’cause I didn’t buy the stocks in my port to trade the short-term trend, I bought them for the long-term growth in the business they are in. You can say I’m a silent minority partner/owner of the business I’ve invested in. Current price action doesn’t concern me since the businesses I’ve invested in have yet to mature.
In summary, I’m still holding every single shares of my AMRN, DMRC, AKAO, ONCY, BIOC, and ARTH.
My 2 cents.
Categories: Daily trading Journal