On a Dime

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And verily God continues to smile upon Slope.

This morning, I took the very uncharacteristic tack of going bullish. I had trimmed puts. I had covered shorts. And, hold on to your hats, I bought call options in SPY, GDX, and XOP.

I also did a special post for my Gold and Diamond members laying out what I thought would take place in the coming weeks. Here is a redacted presentation, with a key word highlighted.

And what happened minutes later???

YOWZAH! The market is backtracking some right now, but you can expect that for a while. Rallies are going to be sold. People have been getting punched in the face nonstop since February 20th, so what do you expect?

I noticed this comment from awesome Sloper redvettes:

This resonated with me. Shortly before I saw that comment, I noticed this fascinating relationship DUST had with its trendline. We nailed it, right to the penny, this morning. It affirmed, for me, the notion that we were about to do an about-face.

I would remind you……….and myself……….that the last “bazooka” from the Fed (the 50 basis point cut) caused a rally, too. That was, umm, thousands of points higher than we are now. So there’s no guarantee that the coast is clear. But this is at least encouraging.

Present positioning remains very conservative, as follows:

  • 5 puts (AMD, BYND, CAKE, KLAC, MU)
  • 3 calls (mentioned above)
  • 10 shorts
  • Total portfolio commitment, a mere 33%
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