I didn’t wake up this morning planning to do a thing, but over the course of the first couple of trading hours today, I have done a MAJOR SHIFT. It was signaled rather strongly when I wrote this:
Although there’s hardly a single instance of profit-taking this year that I have not regretted, I have been taking some profits today. I am down to 28 bearish positions in my main account, and I am at 30% cash, which is higher than it’s been in a very long time. Again, I’ve been just straight-up stupid with my profit-taking in 2022, but I wanted to at least make plain I’ve taken the foot off the gas pedal some with the hope (perhaps misplaced) of better entry prices to get aggressive again.
After I wrote that, I “doubled down” in a way. Specifically……….
- I sold off more bearish positions, and am now down to 21 (from 44!!!)
- I went LONG in a huge way EFA
- I went LONG in a huge way QQQ
- I swallowed every bit of my pride an hour ago and suggested to my premium readers to short XOP AND XLE
I am pleased (delighted, actually) to report that, in the short time after, this appears to be the right move. My ENERGY SHORTS have gone profitable (YAYYYYYYYYY) and my long plays are, too.
I still think this is going to be a dynamite year for the bears, but it’s seriously, seriously, SERIOUSLY time for a relief rally. For all paying members, here are the charts to back my case (for the rest, this is the end of the post).
