I recall Jim Rogers sage advice, "Buy Panic, Sell Hysteria". That is what I did this morning. I bought back my shorts in oil, S&P Futures, Gold and closed my dollar longs except for the USD/JPY cross.
My Red Ship was fully loaded as you know so I made a killing in the last few days. Time will tell if I am leaving much money on the table in this premature closing. But when panic sets in we have to take advantage and close positions.
I took advantage of the Nikkei weakness and bought some futures contracts at 9100. I think its a low risk trade that has some upside potential and little downside risk.
So, all in all, I still have a short position on Market Vectors Gold Miners (ETF): GDX that I plan to close out today and some long positions on the refiners, Tesoro (TSO), Valero Energy (VLO) and Western Refiners (WNR). They were all in the money till wednesday. Lets see how they perform today.
My trading form is back and I couldn`t be happier.
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