Yikes. The guy sure knows how to turn allies into adversaries, doesn’t he? No wonder he’s has so many failed marriages.
Clearly, though, the man knows that he has well and truly stepped into it, and if he doesn’t want to get completely obliterated (to use one of his favorite words) at the midterms, he needs to get the hell out of there.
The market is celebrating with a triple-digit rally on the /ES and a multi-hundred-point rally on the /YM and /NQ.
Some folks are not exactly thrilled with this 180-degree TACO turn. Even the comments section of ZeroHedge, which typically reads like a mash-up between a Klan rally and CPAC, is livid. I have highlighted a particularly salient remark.
For myself, the word of the day is “light, light, light.” I have trimmed from 48 bearish positions (!!!) to a mere 30, and I have cut my risk exposure from 185% (!!!!!!!) to only 60%.
What I have retained has the following properties:
- Plenty of distance between present price levels and my stop-loss
- Stock not so horribly oversold that a big rally is likely
- And, in the case of options, I’m holding on to every single one, since I am into these long-dated options for the big win, not scalping gains (although yesterday I did sell off most of my SOXL puts for about a 85% profit, keeping just a handful since I’m so fond of the buggers).
As for Bitcoin, my analog there (discussed multiple times with our wonderful Gold/Platinum members) is clicking right along, in spite of its sassy, and occasional, strength.
I am feeling eerily relaxed about my positions. I think it is a combination of obscene recent profits and being able to update my positioning to a much safer, sleep-well-at-night construct. To be clear, I plan to short like a SUMBITCH at the right time, but I’m going to stay watchful to find out just how big of a bounce constitutes “enough.” For the moment, I’m going to take on the unusual guise of a person who isn’t frenetic and high-strung.
