Wow, the market has gone from really exciting to deadly dull within the span of just a couple of days.
Even looking at the after-hours action. there's nothing going on. Nothing's really up; nothing's really down; it's like everything has found its equilibrium all of a sudden.
As for my own positioning – – for the first time in about 300 years, I have more long positions than short positions (33 versus 23), but these longs are intended to be bordering on one-night stands instead of long-term, committed relationships. More precisely, I have definite views as to how much the indexes will recover (they've gone a good chunk of the distance already………….) and I may well be 100% short by early next week.
In the meantime, I am pretty much market neutral, which just about guarantees I'm not going to make or lose much of anything until things are stretched to the upside again (at which time I plan to become SuperBear). I think the Russell might have another 2.5% – tops – of upside, at which time I am going to short everything which isn't nailed down.
So expect things to be relatively mellow on Slope for a little while. That's it from me for today. Good night.
