I did the above graphic yesterday but didn't bother posting it until now. I remain short the above.
I'd like to tell you how I am positioned. I entered the day totally short. I covered my big short positions (OIH, IWM) and day traded them quite successfully as well.
Since then, I have covered a handful of my shorts, and I currently have 101. I have balanced these with four large longs – SLV, SPY, LQD, and GDX. I am using these only to survive any bounce back up to about 71.90 on the IWM, at which time I will throw them under the proverbial bus and load up on shorts.
My current split is 40% long/60% short (again, I was 100% short this morning) and I will be happy to neither make nor lose money until such time as a bounce, such as it is, may take place.
Today's sell-off was marvelous, but I have taken a heaping spoonful of Prudence.
