Carry out the Shorts

While further upside for Monday is far from out of the question, the bang-up session came today. I'm trimming slowly and steadily, the spoils from my ramped-up and unprotected splash aggressive-long.

In other words, stepping over the bodies of dead short people while cutting back an aggressive long stance initiated yesterday.

I'll be traveling later today, to an as of yet undisclosed but thoroughly exotic blood-lust pack-and-Carrie whirlwind spontoon-festoon underwater action adventure thunderland.

As such I'm going to keep this brief. Follow the Twittcast for anything especially relevant from here. I expect to continue trimming; I want to get down to under 3-1 net long, and am looking to short an index near the close; as a partial hedge.

At the moment the action is quieting some, but internals are severe-positive. Hence I am trying to hold out for the close before hedging; via SDS or something similar.

Bone weekend!

Total Position: 3.88-to-1 net long, 66.5% invested

Currently Long (according to size): ARST, CYOU, TSYS, BKE, MYGN, WNR, RJI, MNRO, NFLX, TNDM BBY, CHKP

Currently Short (according to size): GE, AAPL

Rearranging Deck Chairs (short here for now)

Whatever I think about the market just now doesn't mean a great deal and it is subject to change rapidly anyhow. So let's just discuss more how I am positioning and less what the bigger picture paints.

I shifted short in the pre-market again and this time it looks like I will stick with that; for now. Later in the week however is the Good Friday holiday and as such we might see some seasonal strength come in on Thursday. It is possible I will ease back long by Thursday, depending.

I'm having a good session, especially considering that I was considerably net-long when I woke up (I changed that stance abruptly, as yesterday's less than stellar attempt at a reversal was going to be gapped right out of the picture today).

Good luck seeing the same kind of recovery today.

I sold several longs early in the regular session, but I did make one bothersome mistake. I managed a terrific entry long yesterday in the aftermkt on the new ipo CYOU. I mentioned then (via Twittspit) that >22 was really a better buy, but then today I went and sold it at 22.20 early in the session (grabbing the quick profit as I was nervous about my overly-long exposure and was selling things quickly, perhaps abruptly). Since then it has managed to take out the day-1 high and with strong, rising volume. This name hails from a leading group (same group as SNDA and NTES) and one of my favorite trades is to get long an ipo when it takes out the day-1 high (getting above that level demonstrates that buying demand is greater than the profit-taking supply; from those who got in on the ipo price and then are flipping to lock in quick, handsome profits; momentum and demand are greater than anything that can stop it).

If the market is going to manage a standard pause before re-climbing higher again (too soon to say and a bit ambitious perhaps) then CYOU is the type of new leadership I will jam hard with for the remainder of its first several weeks (or until it stops leading).

I bot back the same size of CYOU at 22.92 and am wearing that one still; we'll see what happens.

Total Position: 1.1-to-1 net long, 77% invested
(Note: though the position is slightly net-long, technically it is leaning notably short due to leverage of the 2x's short-hedges TWM and SRS; TWM-weight is >15% at the moment)

Currently Long (according to size): TSYS, ARST, MNRO, NFLX, CHKP, RJI, MYGN, CYOU, DRI

Currently Short (according to size): TWM-long (Russell-2k Dbl-short), GE, AAPL, VNO, SRS-long (US Real Est. Dbl-short)
(Note: inverse-ETFs TWM and SRS represent being dbl-short the respective indices)

Save Our Bears

How much longer can we punish these under-water bruisers?

While we haven't yet seen any important break yet in the major indices, action is toppy today and the internals negative enough to suggest things won't likely improve before this session is concluded.

Bears are breathing again.

If we surprise and manage to reverse today, it would be important and I would go back to keying long leadership. Without that, it is a question of how dark things shade today and ultimately then what amount of downside follow-through we'll see tomorrow.

I was able to slide myself short here without much damage and at the moment I'm positioned well for the present action. If things deteriorate more dramatically I will begin letting go the long-end of my position, otherwise I am looking for where to add to the right names and when to let go of hedges. Below 810 on the SP500 I would be less ambitious to be buying or adding to longs; below 775 on the SP500, I expect I would be aggressively short.

I sold the IOC today on the positive discovery-news; I added to a winning ARST position on the low-volume slice lower; I have been working RJI and almost finished reducing to ~4%. Keep up on the feedTwitt if you please - just don't do anything I do (at least not because I am doing it).

I'm working on an updated working list for individual shorts, which should be posted by tonight at latest.

Total Position: 1.75-to-1 net long, 83% invested
(Note: though the position is technically net-long, it is leaning notably short, due to leverage of the 2x's short-hedges)

Currently Long (according to size): PMCS, ARST, WNR, NFLX, CHKP, LFT, RJI, MYGN, MNRO, TSYS, DIOD, DRI

Currently Short (according to size): TWM-long (Russell-2k Dbl-short), SDS-long (SP500 Dbl-short), GE, SRS-long (US Real Est. Dbl-short), ELOS, EGO
(Note: inverse-ETFs TWM, SDS and SRS represent being dbl-short the respective indices)