OK, so I had a momentary lapse of sanity yesterday when I posted the possibility of Devine Intervention to firm the greenback and hence have oil collapse and hence have the market rally. You all know there has been a heat wave on the east coast.It can still happen but odds are that the market has already made up its mind on where it wants to go. When am I going to realize that I’m in my happiest place (and most profitable) when I’m short.
The XLF closed 9 cents off the March low and will probably breach that in the morning. 52 week lows were being hit with reckless abandon in the last 20 minutes of trading and oil continues its wicked ways. The SPX closed at the lows and DJI was right there. The NAZZ jumped in the pool and gave up the ghost as well. Lehman became unhinged at the close and now you will start to hear every rumor possible regarding its imminent demise.
Here are my shorts:
AA-new short
SDS (long) double short S&P
DXD (long) double short DJIA
AG- was short all day and added in last hour
RTH– been short a couple of weeks
$NDX–july 1950 puts
TWM -(long) ulta short Russel 2000
Yes, I’m a little bearish. If it doesn’t work it’s been really nice knowing you.