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Fear is very high, every position is getting clobbered, and at times like this I'm willing to contradict myself every few minutes or so.
This morning, my contradictions included selling a portion of the positions I've been holding, even though I think they are at good values. Even at good values, nothing is safe at this point, so I'm happy to flatten out. This is simply crash insurance. I also bought some short ETFs with tight stops.
On the other hand, the risk/reward favors capitulation and a rally. When sellers become exhausted, a vicious rally can ensue. My vehicle of choice is the Ultra QQQ (QLD). This is for my fat pitch account, which is very short term (hours, not days).
This is not an easy game, and if I weren't able to watch every tick I wouldn't be playing.
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