OSTK calls have hit their stop and the system says these trades should be exited. We will be back in, it's just a matter of at what levels. MGTI will be closed out if below $4.00 at either 1:30 EST or at today's Close.
The swiftness of the current flash crash in bitcoin was our worst nightmare as bitcoin dropped 25% in the past 24 hours, most of it overnight. We thought it was possible, nonetheless, it stings. For myself, being out of these positions is more problematic than taking some short-term losses. I will be monitoring the situation closely over the long holiday weekend and by the time the market opens next Tuesday we may be back into a "Long_Pending" mode.
Hobson's Choice: All or None?
System trade or not, whether or not you want to sit completely out of this sector bet over a long weekend is also a personal decision. Toward that end, below are some telling charts that suggest this decline is no big deal. This is one of the few times that strict system trading presents us with the proverbial Hobson's choice. For what it's worth, I'm not completely liquidating everything crypto today.
Long Term Trend Still Up
Nothing New Here
Bitcoin vs. Gold