I try to share my mistakes on the blog, as that is a major part of the learning process. When we pulled back on Friday I increased my long exposure via call spreads. The market had already been up a lot in the previous three days so even though I bought on a pullback I was still chasing.
The lesson that I am taking from this is that it simply does not pay to chase on the long side during the Summer unless we are coming off very extreme sentiment, which we were not. Hopefully, by writing this post I will save myself the mistake the next time around. Luckily, it was a call spread and the position was small so the lesson was relatively cheap.