Mea Culpa is a Latin term meaning "my fault". This term is apropos since only two days ago, the Covered Calls Advisor changed the Overall Market Meter from a rating of Slightly Bullish to a rating of Bearish. It can now be admitted that this change was a mistake in judgment; a mistake that has become exceedingly apparent to the Covered Calls Advisor during the past two days since this change was made.
In assessing what happened, it is now clear that I allowed my emotions to get the best of me. I allowed my feelings of disappointment, frustration, and anger related to the Gulf oil spill to influence my judgement as to my overall market sentiment while neglecting the Covered Calls Advisor's well-defined investing process. The Covered Calls Advisor's methods for establishing an Overall Market Outlook at any given time is a composite rating of nine factors. As shown in the chart below, the current Overall Market Meter Average rating (blue bar at the bottom of the chart) is "Slightly Bullish":
In assessing what happened, it is now clear that I allowed my emotions to get the best of me. I allowed my feelings of disappointment, frustration, and anger related to the Gulf oil spill to influence my judgement as to my overall market sentiment while neglecting the Covered Calls Advisor's well-defined investing process. The Covered Calls Advisor's methods for establishing an Overall Market Outlook at any given time is a composite rating of nine factors. As shown in the chart below, the current Overall Market Meter Average rating (blue bar at the bottom of the chart) is "Slightly Bullish":
To return the Covered Calls Advisor Portfolio to its Slightly Bullish posture, today the ProShares Short S&P 500 position was sold and it was replaced with new covered calls positions in Petroleo Brazileiro (aka Petrobras) and the S&P 500 Spyder(symbol SPY). Separate blog posts detailing each of these transactions will be presented today.
In summary, the Covered Calls Advisor has always espoused developing a detailed investing process and then following that process. Unfortunately in this instance, emotions ruled and the process was not followed. This is definitely a lesson learned and I am now fully committed to being very disciplined in implementing my covered calls investing process going forward.
Regards,
Jeff
In summary, the Covered Calls Advisor has always espoused developing a detailed investing process and then following that process. Unfortunately in this instance, emotions ruled and the process was not followed. This is definitely a lesson learned and I am now fully committed to being very disciplined in implementing my covered calls investing process going forward.
Regards,
Jeff
