Holding Long (now hella wrong)

I hesitate to say I'm down much less today than this position gained yesterday, since that sort of statement flies from lips of blindfolded fools standing before squads of itchy fingers.

All the same, I'm playing a bit of rope-a-dope here. Daring this market to shoot me.

The Fed's beige book was just released; following the lack-luster 10-yr auction results; following the negative reversal in equities this morning; following coffee stains mounting my rotting teeth.

Nothing more brilliant to say than that, sorry. I may end up hedging and/or reducing before the day is through. If we're not making lower-lows in the final 90 minutes of the day however, I expect to hold pretty much pat.

I re-bot CYOU today under 40. It's still extended, but it's still a monster; until it isn't.

Accounts are back to flat now on the day as the market catches a small bid. I'm really in for it now perhaps. Twitter the fool if you care to follow.

Total Position: 6-to-1 net-long, 56% invested

Currently Long (according to size): TQNT (5.3%), ARST (3.6%), RAX (4.2%), WFT (4.7%), ASIA (4.7%), SWN (4.6%), PEET (3.8%), CYOU (reloaded today 39.96, 3.3%), SNDA (3.4%), AU (3.2%), LFT (2.3%), JDSU (2.2%), FNSR (1.9%)

Currently Short (according to size): ONXX (4.1%), MYGN (3.9%)

Futures Accounts: no current position

Fuzzy Bear Trap? (quicknote on the new week)

Action is further negative so far today, following Friday's reversal lower, but there is nothing yet overly concerning in either market internals or the behavior in leadership stocks.

I wouldn't suggest we're good to reverse higher today and things could deteriorate further certainly, but I am not against adding-back to longs on the weakness. Volume is declining from Friday's pace (constructive) and neither market breadth, Up-to-Down volume ratios, numbers of new 52-wk lows, or really anything else I am seeing point to an imminent rout. Certainly, the ever-bear camp of SKF/FAZ/SRS, etc. is not getting a ton of relief just yet. Tomorrow is another day; further weakness would cause me to increase defense; one step at a time; we'll see.

Easy game ;)

As far as hedges, I shifted from SDS to TWM (as the Russell2k is weakest of the majors on the session).

Total Position: 2.18-to-1 net-long (plays 1.40-to-1 net-long considering levered TWM); 56% invested
(Note: inverse-ETF TWM represents being dbl-short the Russell2k index)

Currently Long (according to size): TQNT (re-increased today, 4.8%), ASIA (4.5%), SWN (4.5%), RAX (4.2%), WFT (4.2%), PEET (3.8%), ARST (3.4%), SNDA (reloaded, 3.1%), AU (reloaded, 3.1%), CYOU (reloaded, 3%)

Currently Short (according to size): TWM-long (new, 9.9%; Russell2k Dbl-short), ONXX (4%), MYGN (3.9%)

Futures Accounts: covered 20% short Jun NDX, ave. 1476.50; from 1495.75 ave Friday

Nicole and Dimed (out of currency shorts)

I'm in a semi-conscious state. Body aches flaring, nasal-drip flowing, delirious, sleep-deprived eyes waxing, wincing.

You know where this is going. In spite of physical drudgery, I'm free now from Euro-slaps and British Poundings. I'm camping happy.

Once again I slept (sort of) near my machine, watching over my currency shorts like a mother giraffe watches the runt. Talk about a brain drain - all that attention just to try to keep one ugly duckling from not afloating.

I'm fresh, I'm clean, I'm out of that hell and chomping at my psyche bit once more.

Now that I'm not so stuck I've released my jaws from this beast (I told you throughout it wasn't worth it, but I'm a foolish fighter sometimes; capable of attacking great whites...until it hurts). The primary goal of the futures accounts traded here is to push index futures on days where the action is either all-good or all-hell-breaking-loose. Frankly, I'm a better trader at that sort of thing and this currency smack is the latest reminder (I'm a better player than I am a gambler). If you see me Twitting trades in currencies, it had better be a daytrade, and going with the direction of that day's strong momentum. Otherwise I give you permission to rip the sickly, Linton-esque giraffe fuzzflesh from my bony backside and feed it to my stronger brethren. Let someone else make the overnight money!

Equities? Oh yeah, that's going well - what's so interesting about that? Yesterday was the beginning of the much-expected and logical pullback that we all considered so logical and likely. Too bad for you it was over before the day was through, eh?

If you get your opportunity now I suspect you'll wish you hadn't. Which is the same as saying that when this market lets you in easy the move higher is done.

I've studied this pain thing for some thousand years. I do my best to step over the dead bodies of my trading past and prosper now instead. I'll step over you, if you let me; and if I'm really jamming I can step over myself and still be home in time for supper. You are shutting off CNBC because it is inane and annoying. But I am listening to Trish Regan as I write, because she speaks so inversely eloquent I could kiss her all under. Kind of like the big lady that married the really really rich guy who was like one or two hundred years old. She had nothing but smiles for him I'm sure.

You know how the story ends. Okay not that story. No oily dog's going to take my breath away.

-Beast out

Total Position: 100% net-long; 48% invested

Currently Long (according to size): AU (5.5%), CYOU (5.1%), TQNT (new yesterday, 4.7%), ASIA (4.6%), SWN (4.6%), PZZA (4.4%), WFT (4.4%), RAX (4.3%), PEET (3.8%), SNDA (3.3%), NTAP (3.1%)

Currently Short (according to size): no current positions

Futures Accounts: no current position (re-shorted both Euro and BR Pound last night and covered on the ECB news/non-news which hit those markets early this morning)