Floating on Oil
Thank goodness for my recent investment in the oil sector, since that kept me from my portfolio putting on the cement shoes and jumping into the Hudson today. Some signs that the bullishness in Crude is unfounded thanks to the much greater than expected inventories. I'm don't understand the market's reaction to the inventory reports, though. I would have been better off leaving my trading capital in my account yesterday. I had to go bragging about my trading stats and talking bullishly in my post yesterday about NGPS. What a mistake. It's about as smart as being on the 10th hole of a golf course and bragging to your foursome about how well you are playing. Ok, I admit it I was humbled by the market today. I am proud of myself for resisting the temptation to double down at about 5 different points yesterday; each one would have only made the trade bloodier. I kept waiting for the reversal that never came. The day traders saw the reversal and parked their money. Since NGPS is a heavily day traded stock it took a deep plunge. The honesty factor should point out that I did not make a quick and graceful exit earlier in the day (there was a profitable exit too @9:40), I still don't understand the metrics underneath that reversal. Hopefully a surge at the open tomorrow will allow me to sell and lessen the cost of today's lesson. Still overall, my day performance will most likely be in line with the S&P thanks to my heavy exposure in oils.
I am now getting more concerned about lightening my load in oils. Although they saved me today, I feel that there is the potential for a crude reversal or at least a dip, and I don't want to be invested like I am right now when that happens.