It's getting old. So called good news (FNM and FRE) was sold off fast and hard! Now I don't see it will come back soon. On the other hand, we do have the risk of a big sell off, something like 1987's Black Monday. I was dead wrong! Last year, I was shorting like crazy, and market kept rising! This year, I just wanted to play a bounce, and market kept falling! Talking about talent!
- I will not add any new positions. Since I was wrong on this down trend. To be sure, I only added since June 24th, and added gradually, but still it cost me big time. UYG was down from 23 to 15 today!
- I may sell some existing positions to raise cash. Like DDM.
- It's very easy to have courage and humor when you're only down 5%, it's hard to have courage and humor when you're down 20%! Now I am scared and will let go some of my positions. 5 years from now, yes, I may double my funds if I hold on. But what if it goes down another 10%, 20%, 50%?
- Yes, it's way oversold, but Black Monday happened on a very oversold market. I need to have cash to buy when that happens.
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