I sold 1000 shares of QID at $56.55 (entry at $53.82) for a $2730 gain (+4.8 %). To be honest, I probably would have held on if it was not for the fact that I had a limit order in place overnight. So I re-entered a few minutes ago.
I bought 500 shares of QID at $55.21. I still think the market has more downside momentum.
I sold 300 shares of RL at $85.45 (entry at $87.10) for a loss of $495 (-1.8%). So much for retail holding up.
I bought 300 shares of VLO at $56.90. My reasons are two fold. First, as a small hedge agaist my shorts. Second, I like the way oil services stocks have held up. If you look at VLO’s chart, it looks like a typical pullback after a runup, which is opposite of the plethora of charts that look downright ugly.
Currently my only positions are QID and VLO. This week, I have incurred $3541 in losses and $5675 gains for a total gain of $2134.
I’m thankful that I made it out alive (so far). However, there should me more tough trading days ahead. It’s not the time to take big risks or become complacent.