These days, it's starting to feel like each day is three steps forward, two steps back. There's progress – and profit – every day – but a goodly chunk of the maximum intraday profits vanishes with the regular recurrence of this kind of end-of-day nonsense:
It really is like clockwork: ninety minutes before the close, the GS boys step in, and up, up, and away the market goes!
But, as I said, each day still brings progress. What I'm starting to see is the kind of thing we saw last autumn – – – that is, many weeks (or months) of higher prices blown away in just a couple of days of selling. My two biggest percentage gainers right now, the puts I own on CME and ICE, are good examples:
I've been in "too busy to read comments" mode, so sorry to not participate. I'm pretty bushed for the day, so I'll call it quits here. I still have many, many short positions, but I will say that I've got long a couple of energy plays – UNG and USO – so we'll see if those turn out decently or get blown up at the opening bell.