And now I am off of it.
I am out of all my shorts here, all for wins, including long RUSS DXD (inverse, levered ETF’s), long TVIX (day-traded this for a win), and short COH GM TJX UNP, among others, in recent weeks, including SBUX V.
My only underwater position right now is down less than 1% on CORN long, which I am debating holding as we speak ($35 is still the nut, errrr, stalk, to crack).
Whether bulls can sustain a true bottom here remains to be seen. But the Nazzy and Russell are both bouncing off their respective 200-day moving averages, which is a test you know I have been looking for a while now. I still see some downside risk due to a lack of a washout yet, and am considering the possibility for choppy, grinding action into the long holiday weekend.
And that is another reason for me to move to almost full cash here.
Simply put, it is time for me to cash up and reevaluate the tape after no drawdowns of any substance and a string of wins on the short side inside 12631 in recent weeks.
Sniper shorts are always on the move…