MARKETS OPEN SOFT — BUT THE JUNK IS RISING

It looks like a poor open, but there is a lot of strength just below the surface.

My best sense is for a rally. I bought a bunch of stuff and then got worried about getting HOOKED so early, so I tossed on a 10% sized hedge in SOXS — which I will likely double again by the close of trade. If I slow my progress due to this hedge so be it. I am loaded up with tech and commodities and should participate if the market does what I think it will. I am tempted to buy more, but I only have 25% cash left, so I ought to go eat a sandwich and come back later.

Oil was lower but not bid. Almost every facet of this tape looks constructive to me for a rally. Whether this unravels later on today is another story. One can never trust a rally inside of a bear market.

UPDATE: I caved and bought more, 113% leveraged.