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Discipline over Conviction


Thirty two teeth in a jawbone
Alabama cryin' for none
Before I have to hit him
I hope he's got the sense to run

(Grateful Dead)

Let's see...we've traded right to resistance in the S&P, tomorrow's expiration and we've got a handful of unknowns in our midst. These are the types of situations that you want to play but, realistically, what's my edge? I'm uuber-bearish in the big picture but the overnight session will color tomorrow's action in a big way. What to do?

I pride myself on my discipline and, as such, I can't justify taking a big swing overnight. I put a leg into my metaphorical bear costume this morning near S&P 900 and seven hours later, we're still near S&P 900. I must stand up and practice what I preach and there will be no looking back, either way. I'm slipping that appendage back out of my furry costume and I'll leave one leg in(25% conviction) as a function of my big picture view.

Not always right...always honest. Good luck into the close
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