Well, right about the time there were folks yammering on about how 1400 was the next stop on the S&P, the market started to fall apart, and it hasn't stopped. I guess the moon just didn't feel like helping this time.
Even I – the Bear of Bears – was thinking yesterday that things were really (and here's that dangerous word again) "oversold". So I ended the day with 29 shorts – – very, very light for me – – and one large long with SPY.
I dumped the SPY at a nasty loss before the market opening this morning. Of my 29 longs, all 29 are profitable – – but I have 200 (literally) other stocks I wanted to short at good prices. I'm starting to wonder if "good" prices are ever going to happen at this point, since the bears seem to have finally – thank you, Jesus – wrenched control away from the Bull Criminal Scumbags.
In any event, I am vastly underperforming the market today (in other words, I'm up, but not nearly what I should be), so it's disappointing. Very disappointing. There are a breathtaking number of issues falling 20% in a single day from what I can see, including many old favorites of mine.
Maybe Satan Bernanke is just putting things together for his Jackson HOLE crime speech. I'm going to be shorting a few more carefully-selected issues, but I sure wish I was 200% committed instead of 35%. But at least I'm not positioned long. Sheesh.
