Thursday, November 12, 2009

Quicknote (holding short)


Still not in love with the action (leadership remains negative relative to Dow, etc.), and I'm keeping with SPX and NDX closes above October highs as benchmarks for moving aside from short stance (likely moving aside and taking a bit of a break should that end up the case).

That equates to >1101 on SPX + >1781 on NDX.

The dollar is getting a bid today and the Euro is leading on the downside (something new). I covered the Euro futures short last hour, but will re-visit if it doesn't begin to bounce. The currency situation is likely to weigh on stocks now. If not, it is clear few of us know what is going on and I will retrench until I have a better read.

That said, I presume the equity side is about to break. If so, we'll see if there is any follow-through going lower...or not.

Aggressive Accounts:
-Total Position: ~2.5-to-1 net-short, considering levered (2x's) TWM hedge
-28% invested overall
-Pure-longs = 4%
Currently Long (according to size): RINO (3.8%)
Currently Short (according to size):
-TWM-long (Russell 2k Dbl-short, 15%), WTW (5%), PEGA (5%)
(Note: inverse-ETF TWM represents being dbl-short the respective index).
Futures Accounts:
-20% Short Dec SPX, from 1090.25
-Covered 20% Dec Euro, 1.4895 ave. (from 1.4987 ave.)

Other Accounts:
-Total Position: ~5-to-1 net-short, considering levered (2x's) TWM hedge
-12% invested overall
-Pure-longs = 4%
Currently Long (according to size): RINO (3.8%)
Currently Short (according to size):
-TWM-long (Russell 2k Dbl-short, 11%)
(Note: inverse-ETF TWM represents being dbl-short the respective index).
Futures Accounts: NA

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