Another Crazy Day in US Markets

First the stockmarket was up strongly and then towards the close it slid heavily - a slide that continued after the official close. This wasn't at all unexpected to me, though Google rallied stronger than I expected and closed up. I reduced several short positions near the close ($40,000 of SBUX, AAPL, QQQQ) - not because I think we have yet reached the bottom but in order to get back within my margin requirements. Day trading buying power (on margin accounts with more than $25,000 in equity) lets you buy or short much more stock potentially than regular overnight margin requirements allow. If you hold the position overnight you will get a margin call, but the broker won't forcibly close the position that day as they have to allow you time to sell or deposit more cash etc. So this is what happened to me today. I get margin calls all the time because I tend to do extreme things with my account. But I haven't had a forced sale in years... All the trades I closed were profitable. My average profit on closed short-term trades in my taxable accounts is now 0.45% for the year again. This reflects some good and some bad trades. On the other hand Roth IRA is now up 40% since I opened it. I am amazed at how well those trades have gone - again there have been winning and losing trades but the winners have far outshone the losers. Currently I have 150 shares of GLD and 7 $40 June QQQQ puts in the account as well as a very little in a money market fund. I am increasingly thinking that individual stocks are most suited to long term investment and day trades, while short-term position trades are best handled using ETFs (or futures ultimately). The potentially high volatility of individual stocks can be useful intraday, when gapping is not possible and stops can be used. But it can be a real pain if it goes against you on position trades (held overnight, or for days, weeks etc.).