Well hows that guys...Really nailed it today....As I said in earlier post, it was a mistake to be holding longs today so I got out at open and shorted some in NF at 5070. NF continued to rise and when I saw some weakness shorted more at 5085. And hedged with 5100 calls at avg price of 110. Well what happened after that we all know. Still holding now...If US markets crack today,
we can see more decline next week. However also note that 4950 area is very strong support and the attempt to protect this will be very strong...Let us see how it goes.
My earlier longs netted a loss of around 15 points if I consider the hedge included.
So overall a very good day for me.
I will try to post my position entries in real time in the future as I know that will be more beneficial to all.
Will post more thoughts later and over the weekend.