Although it could play out for two more days, I may not have the chance to look at the markets until next Wed, so I have to close the three short ETF positions sometime today by selling the 250 SKF, 100 SRS, and 200 TWM. We're looking at gains between 4-8% on each position pre-tax. Which for me is ok given I sort of got lucky that today was not a follow through day from the prior two days of gains in the market averages.
The main difference between long and short positions is you do not have the luxury of holding a short position forever because it is subject to unlimited losses. Whereas a long position, the most you can lose is 100% of your initial investment.
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