Just a reminder for those who use twitter that you can follow me. I don't send tweets that often, but sometimes they are – in retrospect – pretty prescient!
Looking back to the 19th, it's incredible what has happened, and how fast it has happened. Look at the tinted circle on the left and then the one (much lower) on the right. In the course of just five weeks, this index has lost nearly 50% of its value. Of course, the put options have gone up thousands of percent. But let's not go there.
In spite of a pretty sucky day (up hugely earlier, down hard later), my disposition toward the market is pretty much the same – – long equities, long energy, long gold, and short the dollar. Things are even more "stretched" to the downside than when I wrote about it this weekend.
I haven't touched anything in Asia, either long or short – – as I mentioned last week, there's really nothing but air at this point.
As for OIH – – again, this is my "keystone" position, and if/when it does bounce, it's going to fly higher. But we're at a pretty critical juncture. Another weak day tomorrow could completely dash my hopes for a good trade here.
I rarely mention the $SOX, but this is another index which is positioned for a possibly strong bounce. Indeed, it actually went up today a little, which in this market is absolutely extraordinary.
My dollar short isn't doing well, but I'm hanging on. This rally is going to break Real Soon Now ™.
We could all use a little humor. So let's have at it…….
