I'm sorry to be so quiet lately.
Let me start by saying that this pattern on the S&P looks pretty danged bullish. I'm reversed my position on the ES from short to long (at a loss of a few thousand dollars) since this is definitely a handsome basing pattern. (Update: Errr, yet again, I've changed e-mini horses, and I'm short the ES at 911.50).
I've said it fifty times, and I'll say it again – – Hope, Renewal, Change, Redemption, Resurrection, and all that fluffy hoo-ha are going to be tra-la-la'ing through people's hearts over the next six weeks. Christmas (yes, I said it, Christmas), New Year's, and Obama are all going to put love and bullishness in the hearts and minds of investors.
The slog toward this optimism has been really slow in coming, but let's face it………..commodities (particularly gold) finally did rocket higher, and the EUR/USD explosion over the past couple of days in the stuff of legend. To me, the whole EUR/commodity bounce seems overdone at the moment……….
What's working for me right now is (cough, cough) my long positions. I am semi-miserable setting aside my uber-bearishness, because trading in a downward plunge is the most fun you can have with your clothes on. But the burial of 2008 is going to get people giddy again.
I still have plenty of shorts, especially in the precious metals arena. My puts have been getting whipped pretty badly, but my blend of long/short has served me well. My "all-bull" IRA is at an all-time high right now, and, as always, I continue to update stops.
