While You Were Picking Your Nose

While you were picking your nose, the stock market melted over 50% from its highs. You sat there in your chair, in ignorance of my mid-day post warning to stay in control of your emotions. You cruised down Happy Blvd., forgetting what it was like to fear of economic collapse just last week. You were dreaming of gorillas and coke and you stuck that pinky finger way up your nose in search of a glorious booger. But just as you reached gold (a golden booger), the real market hopped out of incognito, holding a video camera and punched you in your fucking nose, making it bleed a river of punishment while filming the entire exchange.

That’s what you get, n00bs!

To be honest, it caught me a little off guard. I was assuming we had a full-on trend day, and would be closing near the highs. I sold out of MT, FFIV for wins and tossed a loser aside, SCHN. I sold a portion of SLB for a win. I raised my cash to 60% prior to the meltdown. But the market melted before I could fully add my short exposure. I got off starters in EPM, JNS and FRPT, 2% each. And by the end of the day, sans a quick rubber band snap back, I got starters in TZA/SKF, 20% and 33% respectively. I’ll detail my shorts tomorrow, with charts and data and shit like that.

I sit at 45% cash, 40% long, 15% short.

If the market opens up tomorrow, expect a reversal. I think we’re headed back towards 1120, to do battle again, at a level where my arch nemesis Chess and good friend NWine have made accurate posts about.