Position Update and Lesson Learned

I am still holding my SSO position. I bought at $59.96 and it closed at $59.66. Although today did suck, remember that the lows in the S&P still have not been pierced. I am still playing the bounce until my tight stop is hit.

I am still holding PBR as well. The stock is sitting right at moving average support. We’ll see if it holds.

Today’s WYNN trade is looking good. I went short at $85.03 and the stock closed at $79.26. I covered half my position at $80.10.

I am still holding TRLG, which is holding up quite nicely in the midst of market turmoil.

I was stopped out of EWZ at $87.44 (entry at $90.06).

The lesson to take away from this position update is to understand how important it is to manage positions and control risk. If I were to take the 5 positions above and assume I had closed out all of them today, I would have three losses and two wins. However, in this shakey and volatile market I have close to a $1600 profit.

My number one rule is to manage risk by not only setting percentage stops, but making sure than stops are set in logical places by paying attention to price pivots and other support levels.