Tuesday, March 31, 2009

Leadership is Live (holding like a rock)


I'm up early this morning, to insure the world is not for sale and the market is not going to gap-down into a new phase of oblivion.

I was impressed yesterday with the action in leadership growth, so much so that by the end of the session I had covered virtually all shorts, hedges and otherwise. The only remaining short here is the half-remaining EGO gold miner short (which is a Cramer, double-promo fade and being a gold-short, not likely to hedge against a negative market). I even reloaded GS long near the close.

In other words, I'm aggressively long.

I added some new names yesterday and outside of energy and high-tech, the higher relative strength stocks from Sunday's candylist of longs showed tremendous resilience. I will re-hedge in a hurry (and shovel much of this overboard) if we cannot get any traction higher; beginning now. But in the meantime I expect yesterday was the beginning of a new swing-leg higher for growth (one in which leadership should out-pace the indices in terms of upside). I'll continue to post live any shifting sands via the Twittfeeder. I'm not going to sit fully loaded and take body shots all day just because I think these stocks should have traded higher.

Time for coffee.

Total Position: (call it fully long), 78% invested

Currently Long (according to size): MYGN, NFLX, ARST, RJI, TSYS, PMCS, MNRO, WNR, SNDA, GS, IOC, LFT, TNDM, DRI

Currently Short (according to size): EGO

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