If you remember my post on August 5, 2011, I said I was going to buy more SPY if price hit $115.
That just happened
Bought 2,500 shares at $115.
New SPY position: 5,700 shares @ $123.54.
I’m considering the possibility of future positions being purchased in SSO in order to use margin without really using margin.
Net for this trade:
I really wonder how much lower we’re going to go.
I don’t have enough account equity left to be buying more SPY without using margin if price goes down further, so I think I will use SSO instead.
Patience is key. While everyone is is losing money trying to predict short term direction, I am just waiting.
Does it suck to be down $51k? Yeah. That’s more money than I made in a year at my first corporate job out of college. It sucks when I think to myself “hey, had I not entered this trade, I could go buy a car and still have more money than I do right now.” But it’s about patience. I know SPY will eventually go back up, and when it does, I will make a lot of money.
“Be greedy when others are fearful.” Everyone is freaking out right now. I am loading up.