P/L For Today's Positions

These were all entered for the most part last Thursday after closing short position in the trading portfolio which was started early December.

I took profits on those positions because I did not like the way the market looked, if I look at it tonight, I like it even less in After Hours. I'll likely go through some more of what I didn't like, but it was a lot. You know that I always warn about the F_E_D knee-jerk reaction, this is to anchor expectations so no one sees a move like today and freaks out. Decisions are made based on objective data, not a long held tradition of a knee jerk move that is seen at almost every F_E_D event that is almost always the wrong move.

This felt too much like a knee jerk move and I didn't see any reason to hold overnight to wake up in the morning to losses when I had no good reason to hold overnight in the first place other than greed of expecting more.

 First it was difficult deciding whether to hold the longs in to the F_O_M_C, but like many times in the past, the last hour or so gave us enough information to make an objective decision, hold.

However, as you see tonight, a 3C negative divegrence is well entrenched, I would not feel good about the prospects tomorrow morning with this overnight signal, but that's only because it's just another data point on top of a pile of data collected after 2 p.m.

 Secondly, you probably recognize this pattern we look for, even in parabolic moves.

 Without going in to too much detail in this post, this would be the third point, the 5 min 3C chart did not confirm any of the upside movement, as it sits, ES is not well supported. While I did expect more from our long positions, you take what the market gives.

As for our position P/L, I don't know how you did if you followed my lead on PCLN yesterday, the short was closed at a slight profit, but the fat finger trade today cost me some gains as this was meant to be a long in the trading portfolio, it would have been worth at least +2.5% for a day.

Instead because of the fat finger, it cost about -0.70%

UDOW was recently added and it came in at +4.7%

URTY came in at +7.765%

FAS came in at  +5.7%

And TQQQ which was just added came in at +4.8%

This brings the trading portfolio to total gain of just shy of +19% since inception about 3 weeks ago and there's no options used here at all, just equities, so I like how it's doing so far, already at three times the return of the average hedge fund.

I'll put together some charts for the Daily Wrap, but I'd like to let the dust clear a bit before going too far in trying to analyze two hours of knee jerk data, but there's nothing here that's all that surprising (except that our trading longs didn't do better) and there are quite a few indications that have us right on track.