Updated Position (CRM is the institutional darling now)

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CNBC says we're on course for our second week in a row of finishing in the red. But while the surface of the market today is essentially flat, leadership is driving higher now with intention. That is a recipe for buying strength; at least for today; at minimum.

Specifically, Enterprise/Cloud-space leader Salesforce.com (CRM) is breaking-out powerfully from a 3-month base; on volume running ~5x's normal pace. This is a major breakout of a an institutional leader. Given the calendar, if the market cooperates you can expect strong flows to continue for the remainder of the year (IF IF IF). The tremendous volume is suggestive of much more than any 1-day wonder and has implications on the overall Tech space. I recommend not over-thinking this or trying to get clever. I recommend respecting your leader.

I won't to speak to the market here, since a re-trenching macro bear would snuff the trajectory of any decent launch and I know too many are expecting a strong year-end for me to get cozy about it. But study CRM in the coming weeks and learn what an institutional darling looks like ahead of, during and after the launch.

Fortunately for me, I remain an idiot. I added to CRM last night at the previous highs. But I wasn't enough of an idiot trying to buy it further in the opening minutes today. I have enough to be patient and I'm currently keen on adding towards 15%, within a couple percent of the previous 123.83 high (or ~125).

Pyramid your winners - blow out your losers. Easy game ;)

Follow Centrifugal to fade trades in real time

Total Position: Currently 2.74-to-1 net-long, 95% invested

Currently Long (according to size): CRM (10.7%); NOV (increased today, 9%); COH (7.3%); ULTA (7.4%); SBUX (6.7%); NFLX (6.7%); ROSE (6.2%); LVS (Reloaded today, 6.1%); RVBD (5.4%); QLIK (5.2%); OVTI (3.2%)

Currently Short: NDX-as-hedge via $QID (reduced today, 9.9%); DISH (6.3%); GMCR (4.9%)
(currently weighting QID at 1.6 x's and not 2 x's, into the net-long calculation; based on relative beta of longs vs. qid)

Futures: no current position

Updated Position (pawning prudence)

We should all be happy now.

Leadership growth is right back to highs (again!) as it still requires but a hint of broad market upside to see these leaders arcade higher.

Bears can stay hungry, as the volume on this rally is quite low, GS and AAPL have both become laggards now, and of course - the world is still a sink-hole.

I'm personally happy, as it pleases me terrific when leadership is rising at the same time the buy-only crowd have talked themselves out of the arena (and in universal concert!). Frankly, the smarter folks who have been stabbing short do not impress me - I should expect as much. But for retail blow-hards who cannot swing short, the fact that they are adamant, conjoined and convinced they need to keep safe (fearful of coming out to play), when at the same time there are so many powerful stocks out there - such things keep my animal spirits palpably high.

I am easing on exposure today, however, after pushing back to >5-1 net-long yesterday. Even if it is the beginning of a real and tradable rally, it is still early, it requires confirmation (again!) and I can't go into the weekend with all powder employed arrogantly.

So, just as I've been told, universally for some time now, I'm getting smaller - taking a bit of risk off the table.

I might reduce further today, depending on the action. You've got to dodge bullets in a market like this :)

Total Position: Currently ~3.4-to-1 net-long; 80% invested

Currently Long (according to size): EWS-Singapore (6.6%); CRM (6.2%); LULU (6.1%); AKAM (5.9%); AVGO (5.5%); ULTA (increased today, 5.4%); OIL (reduced today, 5.4%); NTAP (5.3%); SBUX (5.1%); EWY-S.Korea (4.2%); GIL (4.1%); CSTR (3.8%); CISG (3.5%)

Currently Short: EPV-long (Europe Dbl-short, 5.4%); APOL (4.5%); QID-long (NDX Index Dbl-short, 3.9%)
Note: Inverse ETFs currently weighted @1.6 x's

Futures: no current position

Twittspitt for details