This is going to be quick, but I wanted to get this out there.
Starting at the opening bell this morning, I started covering like a Banshee (do Banshees cover?). My reasons were simple:
+ The drop in the Euro was having less and less of an effect on equities;
+ We had nailed – and I meaned NAILED – my targets on both the NQ and the ES
+ I wanted to lock in a nice profit for this calender month
I came into the day with 72 short positions; you've never seen someone clicking the Cover button so quickly.
I have two longs right now – TBT and FXE – and I don't plan on getting aggressively short again until we can get to the level I'm showing below on the Russell 2000. There's actually a reasonable chance I could relax on this half-day.