RE:HEDGE After 2000 points drop and measures are being taken by Trump administration, hoping to get a turnaround tomorrow (at least a positive open).
Based on the overall market situation, thought to play some short term option. I took some Canopy long call option position today for Apr 17 expiry at the money strike price, hope it works out.
Starsearcher80 wrote: I made the decision to close out the S&P double-down short, later today. It was a VERY profitable day. Wish I had waited to the very end of the day, because in the last 5 minutes the Dow dropped 300 points. Crazy market.
My concern was with the severity of the drop, that Trump et al would be prompted to fiscally intervene. When I heard Italy shut down the whole country, I figured I definitely left $$'s on the table, with futures down 400 points. Then sure enough, Trump opened his mouth and floated the idea of a tax cut to thwart the financial burden due to the virus. The futures jumped from -400 points to + 300 points. We'll see if this has any staying power. I have my doubts.
I also took a 1/4 position in Weed at an average of $18.10
75% in cash. Just hedging things a bit. Tomorrow will no doubt be exciting in one manner or another.