Not a good week.
Not a good week overall. Thursday was my worst single day loss since June30th, and that came on top of Wednesday which was also a down day. Today was a solid gainer, but I've been without the consistent returns from my trading activities for most of this week, since my trading capital has essentially been parked. As a result, I've been unable to make up for the loss in my long positions.
I have confidence regardless of the doomsayers they trot out on CNBC that the 4th quarter will be a solid one for equities, but in all reality, I will make money regardless of the market's direction. With the fed meeting and earnings behind us, with some luck the market will settle into a little greater normalcy.
I've been using oil positions to hedge my portfolio against swings in crude price, but that blew up in my face a little this week. Not to say I lost money overall on those positions, I didn't, but it sure is painful to give up profits. My strategy going forward will be more trading oriented where I buy oil on pullbacks, and sell at peaks. I've been holding energy which worked against me this week.
This weekend I will try to research the retail sector to see if I can find some plays. I will post any candidates I find. Everyone else's trash is my opportunity!