Lindsay Lohan, George Clooney and Gilad Shalit all have one thing in common. Not one of them could care less that Germany has lowered expectations for the EU Summit.
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.