Bears Hammered!

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Well, it’s a double entendre. For one thing, obviously, the free-fall in equities got utterly short-circuited, and stocks went raging higher today. I am actually cool as a cucumber about this whole thing. 100% of my positions are profitable, and I lightened up early, as I stated both here and on Twitter. Of course, you can imagine the reaction.

Oh, and I found out about a CRUCIAL reversal signal only after the fact…………

Before the market opened, I nervously offered up charts like this one to suggest that this may not be so easy after all…………

So the “quick take” on my day……….

  • Closed out two positions (MTCH and FLR), both profitably;
  • Lightened up some on ALLY, MS, IVZ, TSM, ANF (nothing wrong with them; just getting too fat due to increases in value);
  • Bought more BAC;
  • Have gone from 0% cash to 14% cash;
  • Will almost certainly be back to 0% cash within the next 72 hours;
  • I ended the day down an eye-watering 0.15% but will somehow survive

So the relentless ping-pong of lower lows, lower highs continues, folks. Today was yet another element of a lower high (and we may not be done).

The bottom line is that I am a superb chartist, but even with all my powers, my knees tremble before the power of Gartman.