Originally published on MPTrader.com.
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I entered the day with a large long SPY position, and I remain long the SPY. It was a losing day for me, due to my many shorts, but this loss was attenuated by my SPY long hedge. I intend to remove this hedge once I feel the SPY has, in all probability, exhausted its run. I think the bulls are about to be as sorely disappointed as they – – and the bears – – have been on multiple occasions over the past year.