This will be quick, as I just wanted to put up a comment cleaner. I'll update the blog with Jack's post once it's ready.
It's 4:30 in the morning as I'm typing this. As some of you will recall, I went into the weekend with a 50/50 portfolio (that is, half bullish, half bearish). In spite of this even split, hope strategy (and hope) was that we'd kick this week off with a nice rally to start our climb to 1170 (or a little higher).
Once I went to bed last night, it seemed like the initial push I saw Sunday (up about 14 points on the ES) was in bad shape, as most instruments were heading into the red. I was rather concerned about what I'd see this morning.
I was pleased, therefore, to see the ES a good, strong 20 points (and remember who is typing this; normally I would find this kind of thing pretty discouraging!) So, in short, things are going just as I hoped.
I imagine I'll be augmenting my longs (NFLX being my favorite of the 25 positions right now, up over 5% pre-opening) so turn that 50/50 split into something more like 75/25.
My sympathies to any precious metals bulls out there. I'm astonished at how fierce the kooky free-fall is. So much for safe havens.
