Patience is a virtue, right Ma?

I’ve been walking these streets at night
Just trying to get it right (Need some patience, yeah)
It’s hard to see with so many around
You know I don’t like being stuck in a crowd (Could use some patience, yeah)
And the streets don’t change but maybe the name
I ain’t got time for the game
‘Cause I need you (Patience, yeah) – Guns n Roses

It’s getting to be a pretty ugly day into the close here and as I’d noted yesterday, I think there could be some more downside near-term before the next leg up. Patience is a virtue, right Ma?

We had a great anything-goes chat this afternoon and we’ll send out the transcript for that tonight so stay tuned. There were lots of earnings-trading ideas discussed that I know some of you have been asking about.  Let’s not get greedy on any of these earnings-catalyst trades though, people. It’s tough sledding even when you think you’ve got your finger on the pulse of the fundamentals, the expectations and the market reactions.

I did no trades today as I’ve recently trimmed down my longs and added some shorts/puts and am comfortable with the overall positioning in the portfolio.  I’ll send out an updated longs/shorts-by-size list tomorrow morning.

Rock on.