I sit here alone on a quiet evening, well aware of how the ES and NQ are getting pounded. I have no idea what they will be when I wake up tomorrow, although I can only imagine they will remain deeply red.
Only a month ago, I would have surrendered my left nut to be looking at numbers like these. As it is now, I have some misgivings about it. Not that I’m long – – I’m not stupid enough to actually buy into a market that I am fully convinced has just begun a multi-year slog into hellfire – – but I did cover the majority of my shorts.
I still have exposure, yes, and that is across 39 well-chosen positions using 125% of my buying power. However, on a night like this, I cannot help but wonder how much I’m going to regret not waking up with 90 short positions, as I did Thursday morning. (more…)