Thank god for churning. I'd be losing money right now if I wasn't such a maniac.
Yesterday was indeed a game changer. We saw a reversal-recovery on mostly negative news and did not let-up until the bear parade was sufficiently punked.
I let go almost all my remaining shorts in the first 40 minutes today on the weaker open (after unloading indices and a couple of names yesterday). I'm still shrinking here, as planned, but now almost entirely long-only. The remaining short, MDT, may have been covered by the time you are reading this, for all I know. I have no reason to believe I will be holding this much longer. Consider me as the guy pictured here on the far left; my ass far from those horns.
I continue to post all trades in realtime via Twitter. Good luck keeping-up and don't try at home in any case. You think too much and I just told you I am a maniac anyway.
I'm not going to target the potential upside here (since I hate targets!), but I know I don't want to be short a market that refuses to sell-off when the opportunity is/was presented. Yesterday's reversal and today's subsequent action is enough to make an impression. You bears can make all that money without me. I know you're good for it.
Cliff Notes: Our mostly half-full glass which had drained two-quarters-empty tipped-back and recaptured full-half stature. Foolish traders like myself prefer again to error on the long-side, since leadership is acting reasonable while shorts are considering whether that was five shots or six that went into their head.
I am overall small for the time beings. Shorts are getting punked.
Total Position: 7.85-to-1 net long, 32% invested
Currently Long (according to size): CYOU (7.4%), ASIA ( 6.7%), LIHR (5.9%), SNDA (5.8%), PEET (2.9%)
Currently Short (according to size): MDT (3.6%)
-Short 30% Jun Euro last night, 1.3683 ave.
-Short 20% Jun BR Pound, 1.5602 ave.