06-11-2020, 05:29 PM
(06-11-2020, 02:56 PM)divmenow Wrote: No buying today. I’m waiting a few days to see how this all shakes out lol. I have a few names I want but not at current levels.
Today came right out of nowhere. No real news happened today. I've been not so patiently watching everyone buy stuff for weeks.
I sold many puts today, so another down 1000pts day and I'm actually forced into long shares. We haven't seen a day like this since March IIRC. We knew it was coming, but it got so stupid we didn't know which month. I was getting some FOMO for sure and bought some names outright today, but it was 3 shares here and 25 there. Afraid to make a big move long in anything with extended valuation (which is damn near everything now). My holdings are very defensive and it is sure tricky figuring out when to move more of it to growth plays. I am fairly skilled at avoiding most of the beating, but I don't want to miss out on the ride higher. It's just market timing in the end and requires more luck than skill. We'll find out soon if this was a must buy dip, or the first of more weeks like it. I'm inclined to think straight up is over for awhile. That thought may be proven wrong within a few days.