My Positioning

* I have no index shorts on as we start Friday’s session…

I am quite bearish but also – though many may still not realize – practical.

I currently have no Index shorts on.

For months I have utilized my $SPY/$QQQ Index shorts as trading sardines – selling strength and covering weakness.

This has proved profitable (as we seemed to have been in a trading range over the last two months).  At some point I am hopeful that will change, with the primary trend turning lower – for many of the reasons I have discussed in my Diary.

But my adoption of shorting the ETFs will continue to be from the prism of “trading sardines” until I see a momentum change in the markets.

So,  for now, they remain trading vehicles. As posted in my Diary:

* I covered a medium sized position of $SPY/$QQQ shorts on the Wednesday  whoosh lower for a profit.

* I shorted a small sized position of SPY/QQQ Wednesday evening as the markets recovered.

* I covered the small-sized position on Thursday morning as the markets suffered (again for a profit). 

Also, yesterday, while I was at meetings I covered most of my medium-sized $GRNY short, which I plan to reshort on strength as soon as today.

The same could apply to shorting the senior indices if the early strength continues….

Positions: Short GRNY VS

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Posted by Doug Kass

Doug Kass is a world-renowned hedge fund manager with decades of experience and success navigating through some of the most turbulent periods in market history. He is known for his time-tested analytical skills and ability to look past the current noise and herd mentality. On TheStreet Pro, Kass provides frequent market commentary and investing ideas for active investors throughout each trading day in Doug’s Daily Diary. He also serves as president of Seabreeze Partners Management Inc. Previously, he served as a senior manager at Omega Advisors, a $6 billion investment partnership. He co-authored a book with Ralph Nader and the Center for the Study of Responsive Law called “Citibank: The Ralph Nader Report” and can be found as a guest host on CNBC's "Squawk Box." A Note from Doug: Current strategies and actionable trade ideas -- all on one dynamic platform built exclusively for active trades. From sudden sell-offs to sudden spikes, TheStreet Pro arms you with crucial analysis -- at a rapid fire, professional pace -- to help you make sound trading decisions -- every day, every hour, and every minute. Join me and my team of professional traders for unique perspectives and breakthrough investment opportunities.

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