It was due. A pullback, that is. I mean, take a look at this Nasdaq chart:
It was literally straight up for the last week. And now we get the pullback.
If you were feeling naked or underinvested or like you’ve missed the rally at yesterday’s highs, then you now have a chance to scale into some of the names you don’t own as much of. There’s no easy answer to this question from a subscriber that came in this morning:
I know the App train left the station with this latest rally. If starting today 7/8/11, what companies and positions (options only) would you open (month and strike). Thanking you in advance for any advice given. – Warren
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That first sentence there underscores the feeling of having missed the big move and how frustrating that can be. But remember, feelings are the enemy of a great trader. So move past that. As for the second part of the question there, I don’t have an easy answer. I’ve spent the last four months slowly but surely and methodically building this portfolio and I’m continuing every day to put the very best trades I can come up with in front of you guys. I’ve got a new name that we added just last week, Marvell, and I’m still planning to build it up further.
And I also wish I’d bought more Cisco and Corning at the very lows and they’ve barely moved in this big rally so maybe I’d look at those too. But the fact is that the best I can do is exactly what I’m doing for you guys by outlining the trading actions I’m taking for my own personal portfolio every day right here in real-time. And it’s just not possible for me to do come up with a “here’s what I’d do if I were starting today” every day and still maintain any sense of discipline or semblance of strategy.