Howdy Slopers!
What a night, huh? The last episode of 24 (good-bye, Jack!) and an /ES that was getting creamed.
I treated this morning much like last Friday morning………..that is, as an opportunity to cover my shorts and try to take some advantage of the upside. I got into BGU and FAS, but I got out with tiny profits since the market just doesn't seem to be basing yet.
At the moment, I am quite light…….37 shorts and 2 longs (those being UNG and DBA). I'm going to survey the landscape today for new opportunities, but I think it's time to chill a bit on the bear side. Now that we've almost touched February lows, things are lining up nicely for the formation of that right shoulder.
I'll close by saying the shorts that treated me best were in the energy sector, and I think many of them are going to fight their way back to the neckline, which is going to make a second attack like shooting oil-contaminated fish in a barrel.
