Good morning, everyone. Not to dwell on my personal habits, but while I normally am up and about by 5 a.m., and sometimes much earlier, today for some reason I got up at 6:10 a.m., which is Shameless Bum level for me. As such, I’m going to keep this post very brief.
In the face of yesterday’s vicious rally, I did wimp out to some degree, easing back from 34 to 28 positions. I will note, however, I noticed some of you did a full 180 degree flip, dumping all shorts and going completely long. So at least I’ve got that going for me, as Carl from Caddyshack might say, because a large portion of yesterday’s rally has been blown to smithereens.
I am not utterly eschewing yesterday’s caution, however, because bulls are a treacherous, indecent lot, and you can never trust them. They could, for example, hammer out a pattern like the one below. We’re going to need to take out that green line to place the baton more firmly back into bearish paws.
Anyway, I’ll obviously write more later, but have a good morning, everyone.
