sweetandsour wrote: ↑13 Mar 2023, 06:22
Del wrote: ↑12 Mar 2023, 22:30
FDIC insures most bank deposits, but I gather that the whole deal is more complicated than that.
Meanwhile, I am watching futures. I expect (and desperately need) for RUT to move back up into my condor range. Tomorrow (Monday) looks pretty good.
Re FDIC, they only cover 100K, right? This is another bailout of sorts, since there are lots of reportedly uninsured money there. "White knight", it's being called.
Anyway, re the market, there was an early burst, but that has apparently gone away so far. There will be some opportunities. Such as gold or silver perhaps, both are rising this morning.
No time to play.... I've been very busy this first hour of trading, rolling all of my condors out of trouble (rolling puts down) and taking some profits where I can to ease the pain (rolling calls down). I had to give back a net $3200 this morning. I had to give back $2300 on Friday. And XLE is below my basis.
I've lost half my profits for the year. (On the other hand, I still have profits for the year.)
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XLE has gotten sucked into the market blood bath caused by the threats of more bank failures / inflationary bank bailouts. Not to mention the looming government shutdown over the federal budget and debt ceiling. And how the Fed is going to react to all of this next week when they gather for rate-setting policy.
"When the paddy wagon pulls up to the whorehouse, everybody goes.... even the piano player."
Hmmm... as I was typing this, Mr. Market seems to have noticed that our stodgy energy sector isn't affected by the failure of crypto banks. There's a lot of volume flowing in to oil stocks.
As I posted last week.... I committed to lash myself to the spars and ride this out. Now I have to endure the waves.