Still I refuse to post my thoughts concerning this pullback. But I remain sweet on Trish.
Her highest octave this morning was coincident with the highest prices on the day - imagine that:
"The market is off to the races today with the Dow Jones Industrial Average up 44 points!"
44 points is a full half-percent. As I write this, we're down however...a full half-percent.
I know I'm stretching here, but I promised yesterday to show some value (Trish-value). It's a relatively quiet option-expiration session thus far. Trish was never likely to hit a home-run today. She did her standard best. I calculate CNBC and I are roughly even then on the day; some modest compensation received in exchange for having to listen to this barb.
Something's got to pay.
Regarding the current position here, while I did shift away from an aggressive short stance (late Wednesday/early Thursday), I've yet to really cover that side of my position (I had added leadership longs for balance and have not yet covered much in the way of shorts; the reason I am up to 76% invested).
These pivot longs are continuing to work thus far and fortunately for me are out-performing my shorts (in terms of percentage gained), so I have not yet been hit on this mkt-bounce higher (even though I've remained more short than long (and long-winded, sorry)).
If we deteriorate much further the second half today, I will look to lighten the weaker longs to prepare for Monday. Monday's following Op-ex tend towards dreadful when/if the Friday expiration goes poorly.
What's got to pay?
It's Friday my reader friend. I can't leave before the close, since I'm babysitting this tidy group below. But ring that bell in a few hours and I am out the door, ready to roil!
36 hours of spearing, searing, pelting and svelting.
Total Position: 1.42-to-1 net short (plays 1.85-to-1 net short considering leverage), 76% invested
Currently Long (according to size): CYOU (6.3%), SNDA (5.9%), WNR (5.1%), NFLX (4.1%), PMCS (3.7%), DRI (3.7%)
Currently Short (according to size): TWM-long (10.8%; Russell2k Dbl-short), AAPL (7.6%), USB (6.4%), STRA (5.1%), AIPC (4.5%), PZZA (4%), BKE (3.4%), SRS-long (3.3%; US Real Est. Dbl-short)
(Note: inverse-ETFs TWM and SRS represent being dbl-short the respective indices)
Futures Accounts: Covered SPX Jun Wednesday 880.75, from 912.75; Remain short 40% Jun Euro FX, from 1.3585