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The morning started out right and tight. I woke up late about 9:45, the overnight shorts started to work and I pressed my positions with SDS calls, SSO puts, IWM puts, TZA, and DTO/USO puts. Everything except the crude shorts were profitable when I cashed out around 10:30ish (BZQ, FAZ, etc). The crude related shorts were small losses. I also sold out of VLO – I literally have no patience or tolerance for swing loss drawdown. VLO was barely down and these June calls were getting crushed.

Then I took off and had to get my drivers license reinstated, long story. I’m there and see the indexes are off the lows and when I get home they are even further off the lows. My thesis for today was that we close near the lows we touched early in the day. So I jumped my signals (they were flashing anyways) and went back into SRS, SRS calls, SPY puts, FAZ then the market broke.

Later in the day I decided to trade some setups and some jumping of signals. It was a bad move and contributed to over trading. My morning profits eventually whittled away. Mostly due to the losing trades being larger positions. Well I’m talking about my trading accounts here. If I factor in the gain over at Rydex it was a profitable more towards break even.

At the close I sold my 2x index shorts for 1% each in both the RUT and SPX. I had no NDX position and am heavy in cash.

At the close I’m long FAZ, SPY puts, CSCO puts which will get crushed, V calls which hopefully even the situation out (smaller position compared to CSCO), and USO puts.

All my signals/charts are saying short on USO, so I’m just following along. Dennis Gartman on Fast Money supported the trade as he has a similar trade on.

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