Folks, not sure where this market is heading, but I am not going to force a trade just because I have to, and when 450 out of 500 stocks in S&P 500 are hitting 52-week high, and there is unanimous consensus among talking heads on CNBC that market is going higher. I have seen this movie many times.
I am doing little and just letting the existing open trades work out. Will post when I have conviction and right now I am running out of things to go long. There will be opportunity (long or short), but just not yet.
Capital preservation always trumps aggression for profits.
Good luck!
About Me
- Fahad Khalid
- Chicago, IL, United States
- I have Masters in Business (Accounting and Finance 2003) from Michigan State University. I have been trading the market since 1998. Prior to picking up trading as a full-time career in 2008, I was a management consultant at Alvarez & Marsal and Conway MacKenzie for four years. I provided turnaround, crisis management and restructuring services to financially distressed firms. Prior to working in turnaround, I worked in Audit & Assurance at Deloitte & Touche for two years. Trading in the market has always remained my side business ever since I started college. 90% of the time, I trade through options. I love volatility skews and positive Theta plays. While I make a lot of directional bets, in general my favorites are to take advantage of high implied volatilities through calendar or butterfly spreads and vertical credit spreads. I never buy straight calls or puts and I do a lot of exotic multi-leg option trades.
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