On the right is our Big Chart from July 26th of last year, when we also made a very impressive run-up over a month despite mixed earnings, worries in Europe and a looming fiscal cliff if the Reps and Dems couldn't manage to agree on a budget plan.
Sound familiar? We didn't have a drought but oil was topping out at $100.62 and gold was $1,600 but TLT was only at $92 – indicating far less panic than we have now at $128 because, even in the 2,000-point crash that followed over the next month – TLT never went over $123.
In this morning's Member Chat, I laid out a list of things I'm still worried about and we may be jumping the gun picking up some short-term bearish positions but they do balance out our long-term, still very-bullish positions in our Income Portfolio.
The real action in the market has been and continues to be those momentum plays and Lfantheman called us back to almost all cash yesterday in the MoMo Money Portfolio, taking the money and running on the QCOM Aug $55 calls at $2.40 for a 20% gain – removing the biggest open position and leaving just some small, speculative open trades on NFLX, PCLN and AAPL:
We're just two day's shy of two months on MoMo Money this morning and that's a very impressive gain off a virtual $50,000 base (58% in 58 days!) and it's so relaxing to take those quick gains and get the hell back to cash in this crazy market – there is certainly always something else to trade the next day when we have cash on the side. Our $25,000 Portfolios are also mainly in cash (about 80%) – as is our Income Portfolio, which I'm inclined to cash out if we get it back over $15,000 gained before we give it back again on the next dip.
IN PROGRESS