On the Wraps

Today's a bit of a game-changer.

It's not that the tide is turning so bullish again (though I can't rule that out). But with today's re-surge higher, with only mixed-news at best as the driver, we're back on track for quiet, directionless action in equities.

Volume today is only average, but otherwise internals are very strong across the tape (suggesting the rally will hold-up at least throughout today). I shifted to net-long, but my new main goal for the near-term is to get smaller now; until a trend is better established.

Unlike the bears I follow, who somehow are always...bearish! (and always loaded with justifications why, whether or not their world is working), I really don't want to invest in which direction this will ultimately resolve itself. If the trend is positive and leadership growth stocks are behaving well, I am fine to key on that side of the spectrum. If this is a 1-day rally and we resume downward again tomorrow or the next day, then I'll be happy to fire again short.

For now though, Project Bear is on hold - I'm shrink-wrapping in size and essentially waiting.

The updated short-list here should still be completed and posted by tonight (I suspect), but now I'm going to have to update a new list of eligible longs; given the cessation of selling in the broad market and the potential swing now higher.

Don't bite yourself to death. It may just not be that exciting in the markets right now.

Total Position: 1.09-to-1 net long, 53% invested

Currently Long (according to size): CYOU (6.8%), ASIA ( 6.6%), LIHR (5.9%), SNDA (5.4%), PEET (2.9%)

Currently Short (according to size): STRA (5.1%), NDAQ (4.4%), CAL (new, 3.7%), MDT (3.5%), CNO (2.8%), SKYW (2.8%)

Futures Accounts:
-Short 30% Jun Euro last night, 1.3683 ave.
-Short 20% Jun BR Pound, 1.5602 ave.