All Bear

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I almost cringe with embarrassment at the level of bullishness that has infected my own blog. I believe in free speech (to an extent……..) and open-mindedness (to an extent…….) so I try not to let it bug me.

But I do want to make clear that I remain steadfast in my 925 target, as outlandish as it may seem in this renewed "2007" zeitgeist that has appeared. Indeed, the seven lonely bullish positions I did have, I promptly closed this morning (six of them, if memory serves, were profitable). My portfolio stands at 112 bearish positions. That number seems puny, I realize, compared to how high my position count sometimes is, but July has been unkind to the ursine.

Our kooky precious metals friends still must be gnashing their teeth, because everything shiny is looking increasingly rusty. I had a very large short position in GLD which, regrettably, I covered yesterday (at a profit, but still……..) but I am still the happy holder of a large SLV short position, which seems poised for pain.


Good luck out there.

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