Well, I’ve trimmed my positions back to a paltry 54, and I’m only 57% committed with no large shorts at all except for FXE (entered earlier today). I have 33 winners and 21 losers at the moment, and overall my current positions are in the green. I had peaked at about 105% commitment earlier this week with 90 positions. Now all my positions fit on a screen without the need to scroll.
I came into the day long a variety of precious metals items (ABX, GG, SLV) and dumped them at a profit right at the open. My big winner today was my IBM short, and my stinkers were my FXY long and my CMG short. As of this writing, I am down 0.80% on the day versus the market up 0.88%, so it’s not too terrible.
Many, many charts I am looking at have the potential for a bounce higher, particularly those in the high-tech sector. My call for a bottom for AAPL at $390 was – ahem, if I may say so – spot-on, with the final bit of selling happening at the open and a bounce higher since then. It’s completely possible that they have a big bounce after their earnings are announced Tuesday afternoon.
My roadmap for the Russell 2000 is shown below; I plan to return back to carefully-selected individual shorts on a case by case basis.