First off, if you didn't see my wrap-up video for 2009, please check out the prior post. This is also on YouTube.
A few days ago I tilted bullish in the energy direction, and so far, those are working out OK. I am very aware that prior bullish setups have withered away, but – – eventually something is going to "take."
As for the S&P…..I am – once again – long the ES. I have been getting smacked badly the past couple of days, losing a couple thousand here, a couple thousand there, and before you know it, about $20k is gone. It has been a beastly thing to trade, and there's no guarantee this time will be any different. My hope, obviously, is that my long-standing assertion that January will bring a rise to the market comes true. This Friday is going to be pretty important, and Monday even moreso. How will 2009 start? That's what we're all dying to know.
I'll say this – – the number 920 is incredibly important. If the S&P pushes above 920, watch out…..things are really going to start pushing higher. Having 36 puts and 72 shorts in just one account alone makes it an awkward prediction, but each of my positions is carefully-chosen. If we start moving higher, I'm moving more and more money into a smaller number of large positions.
My IRA, which has been "all bullish" since the start of December, continues to do well. I imagine it will be spectacular if January zooms higher. We bears really, really need a robust rally. It's going to continue to be an agonizing grind without out.
See ya in the morning.
