Well, for me, tomorrow is either going to be a sucky final day to a generally sucky month, or it’s going to be a glorious revenge. One or the other. There is no middleground.
I presently am in 84 short positions with a commitment level of about 82%. Soon before the close, I actually had 88 positions with a 90% level, but I wimped out a little and trimmed four including – – perhaps unwisely – – my beloved EWW and EWZ (Mexico and Brazil) shorts. If tomorrow is gloious, I’ll kick myself for being out of those, because I think equities south of the border will fall particularly hard. They’ve certainly been weak lately.
Eight of my 84 positions are ETFs, whose symbols I am showing you here. Gold, for me, captures the attitude of the market toward tomorrow’s Fed meeting (please note I actually have no position in gold at all). That is, as with the last Fed “event”, we have been trading inside an increasingly tight range, waiting for a break one way or the other.
The Fed does their thing at 2:00 EST, two hours before the close. The chatter has been that the dreaded taper won’t even get a mention until the mid-September meeting. We shall see. In the meantime, I am cautiously optimistic. We’ll see about that, too.
