I have two accounts. In one, I have a good-sized SPX put position. In the other, I have a very substantial QLD position. So this is a "can't lose" and "can't win" situation. Both portfolios are very bearishly tilted, but just in case, I wanted to be in QLD. Strong arguments can be made for a very serious bounce higher at this point, and I'd at like to have at least one winner on my hands!
But this is more important……..and I said this yesterday, but it bears repeating………I have a huge, huge list of stocks that would be amazing shorts if they would retrace. For this reason, in a perverse way, I would love to see a tremendous rally. It's a tough thing to wish for for two reasons. First, I've already got many bearish positions, and obviously a big rally would be painful; and Two, I'm not the most patient chap on the planet, and waiting the amount of time required (weeks? months?) for these retracement levels would be pretty hard on me. I confess cash burns a hole in my pocket, and I've got a ton of it right now.
In any case, let's watch the Senate. I sure will be glad when this Congressional obsession is over. But we must live with it for now.
