The current market direction remains murky and I am smaller still. My style trading is not best served by a choppy market and I'll continue to lay low as long as direction remains mixed.
Ever-bears are excited (yet again) that Friday's resilience was merely the latest-greatest bull-trapping doormat and today's down-open marks the re-re-resumption of the market's larger downtrend. Expect a 40% haircut in short short order - give or take 50%.
That sounds fun to me and far from out of the question. Still, I prefer to club wounded pup seals on an open beach rather than chase foxes in the forest. I'll let the blood flow a bit before getting involved with that thesis.
As well, I may miss most of tomorrow's session as I export my vacationing brainpan further and further out into the Pacific; yet another reason not to get involved. You guys can keep making the money.
Today I reduced my STRA short and traded out of CYOU long, for now; only 10% invested at this writing.
Total Position: 1.4-to-1, 10% invested
Currently Long (according to size): WNR (4.2%)
Currently Short (according to size): STRA (5.9%; reduced today)