Well, the first major setback of the year. Apparently, someone thinks we've hit a bottom in copper/China. I had a short position on it but closed it when it started to rise quickly. The price went parabolic, going up 1%+ in ~ 30 minutes on no news. So I shorted, with a lot of leverage, but it looks like the speed and size of the move caused a lot of other people to cover their shorts and the price continues to move parabolic. I could see this price movement continuing for a while - long enough for me to get a margin call - so I closed my position at a sizeable loss. Let's see what happens tonight and tomorrow with the Spanish housing price index and the Spanish and Italian bond auctions...
Short copper, loss of 12.7%.
Update: Made it worse. There is panic-buying (short covering) going on right now. Going to step aside for a while... Loss of 18.1%.
In retrospect, this is still frustration trading from missing out on so much of the shorting opportunity that I was waiting for. Safe to say I'm on tilt right now.
Update: Made it worse. There is panic-buying (short covering) going on right now. Going to step aside for a while... Loss of 18.1%.
In retrospect, this is still frustration trading from missing out on so much of the shorting opportunity that I was waiting for. Safe to say I'm on tilt right now.
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