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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.
My workmates Rob and Eric think I’m a bum for showing videos I’ve shown before (I got grief in particular over showing the Let ‘Em Burn yesterday, but so be it). At the risk of incurring their wrath again, I present something that must be the favorite thing I’ve ever done. Sorry to be so self-amused, but – well – maybe some of how haven’t seen this in the past.