Not so great!
That shouldn't come as a huge surprise, since I was short. The good news is that the very thing that I've been griping about so much – – – my refusal to overly-expose myself in this market – – – is what is saving me today. I came into the day 70% in cash (the rest in small shorts), thus I am down 1.38% as of this writing, in the face of a Dow that has been up almost 500 points.
So, as bad days goes, this one is quite survivable.
My 44 shorts have been trimmed down to 30. What's especially interesting to me is that the two major resistance objects – – (a) the underside of that broken triangle; (b) the Fibonacci retracement – – are both very close to where we're at right now. Which means, if I weren't so shell-shocked from central bank intervention, I'd be inclined to short with both fists.
As it is now, I'm remaining cautious with 70%+ assets in cash. I find the market very interesting from a charting perspective right now, but to be frank, when I woke up this morning, I was looking forward to a better day. After all, the ES was down double-digits when I stopped watching last night. C'est la vie.
