Today Was The Start Of A Real Correction

Okay, so the market shattered into the close. And now we will see real blood. Not the pretend variety that has haunted us since August.

I don’t know why I decided two months ago to start edging long. It just sort of happened. If I were to be honest, waiting for a correction all spring and summer wore into my patience.

Here is the manifesto I laid out last November. It was supposed to guide my hand unwaveringly.

And then I wavered.

So now I find myself a little more than 80% long, when I was just 50% a few months shy of this. I’m still up for the year, but have had give back.

What to do, what to do?

My guess is we are long overdue a 10% correction, to test the faithful.