Wednesday, April 29, 2009
Short Swoons (and mere flesh wounds)
The pivot set-up from yesterday did indeed follow-through and bears are left biting this market to death; given their legs now have been lanced. This then sets-up short-side entry# 516 for this rally; I'm reading.
Still, I'll skip the latest ribbon cutting ceremony and catch-up with the bears later, on the way down. In the meantime I would have preferred having greater exposure long; but a fool cannot have everything if he is at least lucky - no complaints here.
I am on the move today and now maybe tomorrow as well. This is a lot of why I am lightly exposed, but I won't give that as an excuse (my excuse remains that the action has been nothing more than murky in the larger scheme of things; certainly ahead of today). If I could re-post yesterday's words, I think it will still count for the present situation. The market is a bit higher, the internals a bit stronger and the bear beer a bit flatter.
All bear chidings aside, I doubt we're on the verge of any tremendous upside in the markets just here, but I still see no reason to attack short with any size until something gets going in that direction.
You black knights still have guts, I'll give you that; it's the arms and legs which might be concerning.
STRA remains my one short at moment and reports before the open tomorrow. I may sweat this, given the continued drop in RS for that industry group, but I'll re-consider in the final 15 minutes. Check the Twitter page in the final minutes today if you care.
Total Position: 4.13-to-1; 31% invested
Currently Long (according to size): CYOU (8%), SNDA (5.1%), TSYS (4.4%), WNR (4.2%), ARST (3.2%)
Currently Short (according to size): STRA (5.9%)