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Cashed out of my 2x index funds which I got back into last Friday. Overall the trade produced some nice gains. I sold out of my IWM puts, TZA, and DRV overnight. I panicked a little in the morning and dumped my TZA and some DRV at profit in the premarket. Then took a loss on the portion of DRV once market first opened. The intraday volatility was out of control today. The worst.

After making some nice gains on the IWM puts I basically decided to take the day off. Great move…had I actually done that.

I came back to my computer around noon and tried to make some intraday trades. I tried TZA twice, JPM puts twice, SPY puts twice. The TZA lost both times, the JPM lost pretty big both times, and the SPY puts gained big both times sort of saved the day. However, I lost money on the day because of commissions on my option trades. Over trading caused me to lose my overnight gains and then the overtrading caused me to go below that. Stupid considering got the day’s direction right.

Rydex funds are great at these times because I can’t do anything until the end of the day.

Like I said, I cashed the Rydex funds taking in 1.4% in NDX and 2.4% in RUT and my other trading accounts are back to cash. Nothing has changed in terms of the trend. I’m just seeing some stocks way oversold here.

Two plays I liked, but did not take at the close were CLF and BUCY. Many others, but I’m not about to jump in long on an overnight here. I want to see how tomorrow acts. I don’t expect much bouncing though. If the market closes WEAK at Friday’s close, I “might” be attempting a long.

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