Good morning – – and it is a good morning – – to everyone. Even though I woke up at 4 this morning, I lingered in bed for my iPad for 90 minutes – – reading, looking at the news, and so forth – – then I fell back asleep, even though I could see futures were down nicely. I woke up with a start at 6:50 (20 minutes after the open), and scampered downstairs to see, with delight, what the market was doing.
I am typing this as fast as I can, because I obviously have a lot to do. What I can tell you is that I closed out two big "ultra" positions – TWM and SKF – immediately, as well as a SPY short which was the largest position I've ever had. I came into the day very "heavy" – – about 130% of the cash in my portfolio was committed, almost entirely to shorts (incredibly, my 8 longs are all still intact!).
What is on my mind, obviously, is my prediction from last week:
and here's what has happened:
So what am I doing? On the big stuff, I am playing it safe – – taking my profits for the moment. On the small stuff – – and I have something like 90 short positions in place – – I am simply going to update my stops.
I'm going to go dark for a while, as I've got a lot on my plate.
