Today was the most profitable day I’ve had in a long time……….at least a year, I think…………and “stay the course” doesn’t make for very compelling content. But I’m going to try………
I will state that I remain very short the market, highly concentrated in commodities and energy. Yes, I took a few positions off the table to take profits, but in all sincerity, I probably should have just kept those as well. I also added a dozen new positions. All 90 – yes, 90 – of these are short positions, but I do have 3 longs – – – Japanese Yen (FXY), the Euro (FXE), and gold (GLD). These currency positions are ten times as big as any of my equity positions. Here’s the Yen, for instance, which seems, shall we say, primed for a bounce: