The markets didn’t trade like they knew it was a holiday-shortened trading week and that Santa is supposed to be riding to the rescue. I did a tiny bit of nibbling into the panicky sell-off action today but I’m far from being aggressive about buying — I still own the SPY and QQQ puts I rolled down to and haven’t yet taken any profits on them. As I still want to keep their hedging power on.
On the hedging note, here’s a comment from the Chat Room this afternoon:
“What a hedge VZ has been through this mess!”
Yes, indeed, I’m “thankful” I was pretty aggressive about buying it when it was around and below $50 starting this time last year as it has been the ultra-contra-stock for the last year:
The other thing I’d note is that unlike two weeks ago when the Chat Room was full of people asking about whether it was time yet to buy NVDA, AAPL, AMZN and dozens of other names not even in my portfolio, there’s pretty much nobody asking about buying stocks today. Several outright comments full of fear in the chat room this afternoon as a matter of fact. Doesn’t mean the markets are going to put in bottoms tomorrow though.
Speaking of the Chat Room and tomorrow, let’s do this week’s Live Q&A Chat tomorrow morning at 9am ET for week’s Trading With Cody Live Q&A Chat. 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 support@tradingwithcody.com.
Good night til then.
