Like the last couple of months, the majors made a big move on the first of the month. September was an upturn while August and October started a downturn. The majors fall about 3% in two days with weaker than expected economic data. The ISM manufacture and service indexes both were lower than expected. The NFP on Friday was about 10K less than expected but the majors bounced up 1% following Thursday's bottom buying tails. The market is anticipating another Fed rate cut soon.
I was still somewhat emotionally reacted to the two-day selloff early in the week and didn't anticipate the quick bounce in the last two days of the week. The key mistake I made was that I broke my rules by adding a position to my PSX long put on Monday. I was hoping or gambling. Although I did have a position exited before adding this 2950P. I knew I shouldn't add the same strike back. The key to my account recovery is to reduce the number of positions. Stay disciplined is still my biggest weakness. The majors are forming a wadge in daily. It should break out one way or another on trade talk and Fed.
Net liq is below 150K but recovered from earlier losses. The leverage is at 378. I have been spinning the wheels in the mud for most of the year. The 35K paid back is about 1/3 of the 100K borrowed. I need to put in my outside box new strategies soon. I have been trying the ETF add-on on small scales. It won't help the portfolio much with the sizes. I will continue to work on my "Rules of Reducing Leverages".
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