Well, here’s my whirlwind update on what’s happening:
- My anticipation of a bounce was obviously correct. The real question, as I posited in the last post, is whether it’s going to be a quick relief pop or a sustained, multi-week bear-killer.
- Because I’m a complete wimp when it comes to bullishness, I took profits on my August DIA calls and my large long DIA position. I am “pure bear” again.
- Having said that, I would hasten to add that I am a VERY CONSERVATIVE bear right now, with a nearly-unprecedented cash level of 60%. In other words, any push higher in the market will be met with only 40% of my typical whining and complaining.
- My 2022 profit stands at 63%, and I believe right down to my marrow that the best opportunities for this bear market are still in front of us.
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