Today is perfect. Perfect and boring.
Perfect because the internals are clearly positive (again), my portfolio is flying, and yet the majors are only quietly higher. Having had my share of sharp sticks in the eyes, I can attest - this is better.
Obviously we see the market action only as it refers to our current position, right? If I were positioned short I should see today's action as ridiculous, unfounded and bound to fail any bar now, yes?
I say this because I know how easy it is to be subjective, to see every chart and move in the light which best justifies our (losing!) position. Bears know what I'm talking about.
Naturally, this defines me as some smug bull barker who is talking out of his ass and is going to have a new one torn very very soon and the only reason it hasn't happened yet is that I was saved again yesterday by the Plunge Protection Team (PPT), etc. etc.
Truth is, I'm never really bullish. I can say that with honesty, since I trained myself for years to hate all stocks. It's true - I hate them all. If I ever find myself getting sweet on a name, I immediately kick it out of the portfolio; not kidding.
In fact, I despise this entire game. If I could make a living, I'd rather have root canal! As it is I'll never have root canal because I hate dentists also - those shinny-toothed, silver-haired rats, gassed-up and rummaging inside endless rotten mouths with all that new dental technology. God I hate the dentists - let someone else have proper teeth.
Okay, I was lying to you just then about dentists. Those creeps are really nice beneath that graying skin, I am sure. But stocks I hate - long or short.
Don't fall in love with your position and/or outlook, my friend. That is the message.
Some note on my (dreaded) position: MYGN gapped-up on a 2-1 stock split. I sold at the open and bot back closer to the breakout pivot. I am happy to continue with this name above that pivot of 44.20; SNDA gave me a re-entry long as it was downgraded by a small firm. I'm re-building this one (sold yesterday), beginning at the 10-day and scaling-in higher (still small, 3.4% at this writing. Note, I scale-in higher, not lower); TSYS is attempting to breakout and I reloaded that one again long. This one a bit thin, but today's volume is running > 2x's normal and rising from yesterday's rising vol. I will not hold this at the close if below the 9.93 pivot; ARST, which I loathe to hold already is attempting a breakout. I would be initiating long here, but I have already a 7.7% position and may not increase, depending; RSH, which I re-entered short yesterday is ramming higher on the heels of BBY's blast-up. I'm holding in so far, content to use the 50-day MA as a bench on closing basis (currently 10.02). If it's to close slightly above that level, but volume remains low and not rising > yesterday, I will take it overnight anyway; Oh yeah, I was able to finish Cramer fade EGO, short in the premkt >9.60 ave. Scroll to previous post for full monty on someone i love - JC.
Refer to the Twitt-trough for keeping up with my hated trades. Good luck out there.
Total Position: currently 3.14-to-1 net long, (86.5% invested)
Currently Long (according to size): RJI, MYGN, ARST, GS, TSYS, PMCS, WNR, MNRO, IOC, SNDA
Currently Short (according to size): AXA, RSH, EGO, ELOS
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