That happens to be what took the air out of the bull’s balloon this morning. I saw the release before the markets opened and sat on the news. I sat, and sat, until well it was just too late. So I didn’t do anything.
In all honesty, shorting the S&P Futures was the first thing that crossed my mind, but I didn’t do it. For readers of this blog, you know I’m already in some SPY 120/117 put spreads, I added some more 120 this morning. So it’s not that bad, but the mistake was not shorting the futures. Atleast for a day trade. The market’s been rallying it was the perfect excuse for the recent bulls to take profits and well I saw the weakness early. I even suspected it would run through the close. Well, well.
I’m not regretting that I missed a trade, I’m noting the fact. This blog is here so that at some future date when I’m eating lunch with Lindsay, George and maybe Gilad, I can say; “You know LiLo while you were worrying about getting sent to jail, and Gilad, you were worrying about getting out, I was missing a good trade! Buddy, I can’t imagine the USA trading France 1000 prisoners for me! George, you were preparing a new top-model slash girlfriend slash teaser for the press, and I was distracted with fantasies of role-reversal: Politicians trading places with Jahova’s Witnesses.”
The stories we’ll tell.
In any case, I missed a good trade this morning.
The PPI numbers come out tomorrow. It’ll be a replay of today if the numbers are bad, though probably drift up if the numbers are good.
On verra demain.