Well, today went really well. I closed up 2.2% on my entirely-short portfolio. More important, Slope Plus has been knocking it out of the park lately – – just about everything tumbling out of Plus has been working out great, with the minor blemish that I mentioned I’d be taking profits on NUGT this morning, which simply kept going higher. But, hey, it was still a good idea!
The ES is still nicely configured for weakness. It’s slowing going, but at least it’s south.
Gold has been just a powerhouse lately. It had an important success today in that it sailed right past its gap. Like I said, I took profits on NUGT, but I’ve got a feeling that’s a decision I’m going to regret.
The standout today for me was oil. I’ve been sweating bullets about whether this was going to reverse or not, and it finally did. I am loaded tits-deep in energy shorts right now, including being long ERY and short USO itself. I am not lying when I say that Gartman’s appearance on CNBC late yesterday announcing how to take advantage of the bull market in oil sealed the deal for me. I simply became more aggressive on the short side, and it paid off.
As I’ve said endlessly, we’re all Yen traders, whether we know it or not. The Japanese Yen *IS* the market these days, and thanks to President Trump’s pronouncement today that the dollar is still too strong, it just added fuel to the fire. Thank you, Mister President!
