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I hope I don't regret this too much, but I decided to get out of the long positions completely and take the loss on the second upswing toward $52. It may have been smarter to wait for the European Close to minimize the loss (in theory... we'll see), but I think I'd regret it if we ended-up tanking prior and missing out on this opportunity to get out. I just see more room to the downside.
It was a mistake not to take the profit on the shorts yesterday; it would be a great opportunity to buy in again on the sorts this morning. Oh well. Patience!