An ugly market day with a modest opening pop followed by heavy selling pressure during the last half hour. I will get tomorrow's price on ACTIV. It has been almost a straight ride down since I bought a scant few weeks ago.
I plan to exit my short T puts tomorrow and hold my short MRK puts.
It is no time to look to be a hero, especially for the small fish such as myself (and likely most of the readers). Yes, of course, the market could bottom right here, however, cutting losses is my style. When I think it is time to stop doing it, that is often the time the water flows off the cliff. This is a seasonally strong period for the stock market, but bulls can not gain any traction. Rallies are sharp and short and extremely difficult for position traders to get decent fills or find entry points.
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