I'll start by saying I entered the day with five 3x and 2x shorts: ERY, EDZ, FXP, TWM, and SRS. I sold all of them either shortly before the opening bell (when the ES was down about 13) or shortly after the open. I also reduced my SPY short from 21,000 to 9,000. I am glad I did all the above, for obvious reasons.I didn't think last night's dip would hold.
I still remain purely short the market, and I've been beefing up my positions as the day has progressed. I've been stopped out of a small handful of positions. Anyway, the /ES graph below nicely illustrates why I'm shorting at these levels. This is a minute-bar graph, and as I'm doing this post, the /ES is up 10.
