It was a surprisingly good day! Even with the market ENTIRELY green and the badly misplaced optimism around this so-called peace deal, my short positions performed great for me.
At this point, the most interesting resistance point is the SPY’s multi-decade channel midline. We slammed the brakes on it right to the penny.
Fear has left the building. We were actually getting within spitting distance of 40 on the VIX, but now we’ve plunged back to Epstein levels. If I were bolder, I’d be super-short right now, but I am maintaining a sensible commitment level of around 90%.
The past couple of days have sent the /ES deep into enemy territory, and at this point there is a Hadrian’s Wall of resistance in the form of months of price activity grinding around from around 6880 to 7080 (about a three-hundred-point range of molasses-thick resistance).
As the day ends, here is the state of each of my five managed portfolios:
- One: all cash (sold BITI at a profit early today)
- Two: all cash
- Three: 93% committed over 9 positions
- Four: 79% committed over 13 positions
- Five: 26% committed over 6 put positions
I’m feeling vastly better about my positioning now than I did twenty-four hours ago, since Wednesday was a rough one!
