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So today I woke up in a miserable mood, had to give a one hour talk, and was on a plane for two hours – – all while the market is up almost 400 points. I knew a bounce was coming, but nowhere this fast. Wow.
What am I doing now? Buying OIH and RUT puts. I'd buy XAU puts too, but the bid/ask is absurd. I think we could be in for more bounce from here, but I'm OK nibbling at some new positions.
I'm sure comments is a zoo, but I've have no time to peek in.
And there it is. Rainy Day Bailouts #12 and #35 by the Fed.
I'm glad. I'm glad I didn't have any index positions, since my concerns about where we were on the Fibonacci were well-founded. And I'm glad to be given the chance to reload at attractive prices.
I'm sorry to be so 'thin' on content right now, but I'll make up for it later.
My Internet connection is miserably slow, so I think I'll go through charts early in the morning before the open. It was a great day for oil and gold shorts – – – those have been doing fantastically – – but I remain extremely cautious about a strong bounce. The IWM seems to have been badly wrung out, and although I've been wrong on this before – – witness today's 150 point drop (approximately) on the Dow – – I still am devoid of index positions and am playing it defensively.
I'm terribly busy right now, so I'll be doing one of my late night posts. And remember, if you're a bull, no matter how bad your day might have been, someone else had it worse.
Andrew Horowitz of The Disciplined Investor interviewed me a few days ago for his podcast. You can hear it directly off the web page or subscribe to the free podcast via iTunes. I did the interview by phone, so you might want to bump the volume up some when I'm blathering away, but I hope you enjoy it.
