You dont even want to look at futures now if you are really long. Its much worse than my last post Unless there is miracle and REMAIN wins, we are going to open in the depths hell tomorrow morning.
Where there is volatility there is extreme opportunity, so think of it that way.
On our P&L we have 4 longs and 9 shorts and I include the 2 gold plays as shorts.
I’ve been though four crashes. Some directionally change everything. Meaning its the start of a protracted directional secular bear market, OR it’s just a massive overreaction that will lead to higher prices within a few days or a week.
I’d be lying if I told you what this one will turn out to be. I’m jaded because I’ve been calling for Europe to crash into the Mediterranean for a year. The problems are endless and it can only hurt us. But this doesn’t help us trade things tomorrow.
So tomorrow I will let shorts run their course obviously and will let you know when to cover.
What I WONT do, and I’ve told you this a million times, is sell right at the open. The open is the wild wild west and it will certainly be magnified tomorrow. They stop you out, then usually rip it higher and makes you look stupid. So I wont be selling longs right at the open. Its probable that they will open below our stops anyway.
I am speaking to the positions on my P&L. You guys know your own stocks better than me and you have your own risk parameters.
If I do decide to sell and take the loss on a long position I will let you know ASAP.
Be patient tomorrow. Don’t go in half cocked and buy things because “they look so cheap”. maybe they are, but you know they can get cheaper.
There wont just be margin calls tomorrow , there will be negative equity calls. That’s when selling isn’t enough to cover a call, you have to wire money right away or they liquidate you.
Hedge funds will go out of business on this one, so the liquidations can last a while.
Lets get in the chat room early. Sleep well….this is an opportunity. I just dont know yet if its on the long or short side.
As of 11:49 the LEAVE vote is taking 3% lead with 81% of vote in.