Monday, March 01, 2010
Updated Position (long song)
Adjusting slightly less net-short today, but pleased shorts here are up much less than longs on the session (big financials are rallying least today in the face of a strong Dollar rally).
Coming in nearly twice as short as long and still making money is less than brutal, certainly. But I can't count on the financials cooperating tomorrow if the market continues to rally. I'm watching volume and percentage gains in the major indices closely - if we close up 1.5% or more on rising volume I'll be dropping a good percentage of the short-side below.
We've yet to see a strong percentage rally on strong, rising volume (since the early February lows). That would constitute a follow-through session; indicating evidence of institutional net-buying, confirming the market is in a new trend upward.
Regardless of what I might think about the prospects for stocks, I won't be hanging out more short than long if large institutions begin rising to the surface.
Should that occur.
Total Position: ~1.38-to-1 net-short, 82% invested
Currently Long (according to size): BEAV (6.9%); SBUX (6.2%); TM (reloaded today, 5.9%); NTGR (reduced today, 5.5%); NETL (5.3%); ULTA (4%); CISG (2.9%)
Currently Short: GS (8.4%); MS (8.3%); TWM-long (Russell 2k Dbl-short, 7.5%); JPM (6.7%); CSX (5.2%); EPV-long (European Index Dbl-short, 4.9%); DST (4.1%)
Futures Accounts: 20% short Mar NDX, from 1795.00
Twittspitt for details