So on monday I went in with my shorts and today I closed out with over -$4,000 lost. I can not even describe how stupid I feel about this trade. I went short on CMG options call spread right when the market started spiraling down on Monday but thats when shit hit the fan and market popped. I had told myself to maintain my losses to a minimum but due to small volume of CMG, averaging 550k shares/day, I had a lot of difficulty buying back my options for a lost. In the end I go home with more lose this month than what I gain in all of May. Back to stocks shares only.
I am long in FCX for the weekend at 33.80. I believe we will pop on Monday before anything else. Wednesday was a solid up day and the past two days have been decent consolidation. I am looking for some upward gains on commodities and resources.
Good Luck to all on Monday.
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