Wednesday, May 12, 2010

Deeply

I shifted long this morning, so I may as well say something. Not that I want to speak, but it's no longer acceptable to keep this page sporting a net-short stance when I've shifted my neck outward and long.

Yesterday was an interesting battle and I felt the shorts really won in the end (we bounced to the 50-day moving averages in the major indices and then closed poorly). Last night then, comfortable with my re-entry short into the NDX futures, I went to bed salivating bloodlust and eager to see what today would bring down.

Instead we saw a significant reversal in the overnight futures, from ugly to pretty-green and we're following through with a very firm tape now today.

I may as well point out that we might soon post an O'Neil follow-through day. Technically that would mean a rally-day of about 1.5+% in the majors, on rising volume, beginning tomorrow (or at least 4 days after the initial low). I guess I'm getting in front of this. Nothing of a new up-trend is yet confirmed and it may never for all we know.

I'm not exactly playing high-beta here and I have longs spread out in several countries (US, Japan, S. Korea and Singapore), but I am getting in front and will simply take the lumps (asap I hope) should things go wrong.

That's more than enough talk (since I'll be fired now if wrong). Add further insult - I'm off to Baja tomorrow for a (now) much needed deep-sea hunt-and-grunt adventure - a venerable machination celebration. I'll be spotty online and looking to update trades via Twitter (though those may come well after the fact if I can't get connected out to sea).

Don't do what I do!

Total Position: Currently ~3.6-to-1 net-long; 69% invested

Currently Long (according to size): EWJ-Japan (8.1%); INTC (6.7%); EWY-S.Korea (6.5%); EWS-Singapore (5.7%); NETL (5.6%); TGT (5.5%); DNDN (5.5%); MF (5.4%); SBUX (5.1%); CISG (3.6%); ITMN (0.43%)

Currently Short: SKF-long (Financial Index Dbl-short, 5.9%); EPV-long (Europe Dbl-short, 4.9%)

Futures: no current position

Twittspit for details

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