I’ve covered a lot of positions this morning, and I’ve left the shorts in place that I think will survive a bounce. I’m long variety of items, but I’m less exposed on the short side than before. I really, really, really hope we have the beginnings of a bounce. I’ll write more this afternoon about my best guess.
You’ll pardon me if I pin the Gold Medal for Technical Analysis on my bare chest for my VIX prediction. As I said virtually every single day on TastyTrade for weeks, and as I said here countless times as well, I intended to stay aggressively short until the VIX reached “between 22 and 23″. Well, it peaked at 22.46 today, and that’s when I got out of any big shorts and – gasp – actually bought a bunch of stocks. The graph is fantastically glorious in its clarity. Thank you; thank you; yes, it is a beautiful thing. (more…)