Pretty simple………….two activities:
(1) Dumping my 25 longs
(2) Shorting like there's no tomorrow (and there isn't)
All my longs basically looked like this:
That is, badly battered stocks that were bouncing. I think stocks like this have a chance of more recovery over the next week or two, but the general trend is down, and I'm not about to let a ridiculous 150+ rise with no basis in reality stop me from shorting more. Indeed, it's a great opportunity.
At the moment, the S&P is up 0.87% while my portfolio is down 0.42% in spite of being over 100% invested. The reason? A combination of the fact I had longs earlier and entered shorts at favorable prices. Being as bearish as I am, having a loss that's less than half of the day's gain is a marvelous success. I'm delighted with the day so far.
