Well, I’m getting my feet back underneath me this morning. My biggest sigh of relief has to do with the metals & mining ETF, symbol XME, against which I’ve got a gazillion puts. The ETF is down over 4%, and its recent strength merely accomplished one thing: yet another lower high.
The longer view is unchanged: my belief is that we’ll have a nice downleg within a few months (which is what my puts are counting on) and a lifetime lower low within a few years. It’s a slow mover, but I’m fixated on it.
I’m in the green this morning, and I’m comfortable pushing my risk higher.