It’s another ugly open, and everybody expects the close to be even worse, since they assume nobody wants to buy before the weekend. I think people were thinking that yesterday already and that means maybe everybody who wanted to sell before the weekend already has. Good thing we aren’t trying to game short-term market moves.
Here’s the playbook for this morning. I’m putting some limit orders in on almost every long position in the portfolio, somewhere 1-10% below where they closed yesterday. Most of our stocks earnings potential over the next five years, hasn’t changed much despite Coronavirus and its economic ramifications. Remember to not draw a line in the sand, but to use mass sell-offs to our advantage slowly but surely. I’m covering a tiny bit more of some of our index hedges.