Let’s do this week’s Live Q&A Chat Live Stream Conference Call today at 2pm ET. You can talk to me using The IAm Cody Willard App for iOS and Android. Be sure to download it today so you can log in and ask me questions live in the video stream. I’ll also take questions over the phone on our conference call line (Dial-in: 641-715-0700 Access Code: 709981), in the Trading With Cody chat room or just email us your question to firstname.lastname@example.org.
The stock markets are tanking again early today, with technology leading the way lower. Nasdaq is down more than 5% in two trading days. We’ve got some puts that we bought right before this latest round of sell-offs started and we can take some profits on these and keep some of them as continued hedges in case the markets continue tanking near-term here.
That’s exactly what I’m doing again this morning, trimming maybe 10% more of my puts even if I’m not catching the exact bottom here of course. That leaves me with about 70% or so of the puts I’d bought to help hedge for exactly this type of sell-off.
Just a few weeks ago when FB, GOOG, AMZN, NVDA and others were going straight up, it was hard to imagine a reason why they’d ever go down again. Now, with each of them down 10-20% from those recent highs, it’s easy to see that they could sell off. I’m not sure we’re all done with this pullback even if it is a temporary one, as I expect it is. Patience for now.
Here’s some of my recent writings about why I’m a bit more bearish these days than I’d been in a long time. Still not a bear and I’m still net long, but I’m selling rallies more than buying dips these days.
See you at the Live Stream Q&A at 2pm ET!