A Cleansing Ritual; Chess Moves

This morning's gap higher in the market into end of month and end of quarter is enough to compel me to defend some open winning positions as well as cut away some of the laggards in my portfolio. 

First and foremost, the long coffee or JO ETN trade did not pan out immediately as I expected, and with JO sitting under $24, my stop-loss area, I decided to sell from my $25.02 entry for a loss. 

I also sold the final piece of my long FAZ position, the triple-bearish financials sector ETF at $12.26 from my $11.97 entry to protect the rest of that win after previously scaling profits higher. 

My UVXY and ERY longs are going against me this morning, and given their leverage and beta I am not going to fool around with them, hoping for a reversal. Thus, I sold my UVXY long at $14.52 from $15.53, $15.83 entries. I had scaled profits last week on my original UVXY long, but the add-back turned out to be a loser. I also dumped my ERY long at $20.12 from my $20.97 entry on Friday for a loss. 

As for open positions, the GILD short is working in my favor this morning, and I am still up slightly on my CP short, too. 

My X long is acting quite well this morning, perhaps setting up for another leg higher. 

So, all in all, the morning gap higher in the tape caught a few of my holdings out of position and I either elected to take the loss immediately or defend the last piece of a win, in the case of FAZ.