FINALLY!!! I have been waiting weeks for this. At long last, the small caps have broken beneath their range. Jesus H. Christ, what a grind that was!
This is important, because it well and truly has smashed the uptrend established from the March 23rd lows.
The remarkable thing to me is how identical today is compared to yesterday. I’m only writing this an hour into the day, but, just like yesterday:
- The day started off with weak tech, and everything else strong;
- I was losing money right out of the gate, due largely to strong finance sector;
- I covered a number of positions, pissing and moaning the whole time;
- I regrouped, entering new shorts that I found appealing;
- My portfolio went from a loss to a gain
So, yeah, pretty weird. It’s like Groundhog Day. I also, incidentally, maxed out my options portfolio again. I am now long November puts on SPY, IWM, and EWZ.
One true champion I’ve got is semiconductor maker AMD, which I shorted on Wednesday morning out of nothing but spite. This position is up 16% in just a couple of days.