Well... Today the Fed disappointed the market and the market fell off a cliff. I have been attempting to maintain a longer term perspective, but I may have to go back to more active short term trading. The satisfaction from longer term trading has just not been there recently.
On the bright side, the sell off represents a short term opportunity. After SPY has gone down 2% or more in one day, 70% of the time it is up after 5 days with an average return of 2%. The table above summarizes the results for SPY after 1, 2, and 5 days. The results are based on the last five years of daily SPY data.
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