What a Day

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Today was interesting, to say the least, and for wholly unexpected reasons. I loudly touted RSX (the Russian stock ETF) earlier this week on TastyTrade as the most compelling country ETF to short; little did I know it would crater today. More broadly interesting, of course, is what happened with the ES.

When I woke up this morning, I was pleased to see the ES down about 7 points. At the magenta tint, I figured the day would be all about “managing winners”. The market opened, and my portfolio sported a handsome profit.

Then, of course, the market started pushing higher, as it always does. At its peak, tinted in cyan below, my huge profit had withered away to just about unchanged for the day. It was really depressing to be going through this yet again. Then, of course, the markets started falling hard, for reasons I didn’t bother understanding at the time…….

We fell to the yellow zone, and once again, things started moving higher. So I was frustrated that even a cataclysm like the airline disaster wasn’t enough to shake up this market. After maker a lower high (the grey zone), it was party-time for the rest of the day. I did a bunch of SPY trades throughout the day, but on the whole, I ended the day………128% committed and virtualy entirely short (with the exception of DBC and TLT)………..very much as I began it.


No sensible person would celebrate a disaster like what happened with the Malaysian airline. I will say, however, that I remain bearish equities (by way of about 100 individual, and very small, short positions) and bullish on commodities and bonds.