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
