Heavily Long Now Into Weekend Glory

I did a lot of soul searching today and spent most of the day short — but switched to heavily long around 3pm, as markets stabilized and began to uptick.

I closed the session more or less where I started, +58bps, 40% cash, and long an array of upside ETFs intent to profit from what I view as an inevitable bounce.

We had strong penny stocks today, weak in almost everything else. There were small pockets of strength in so many different places. But I didn’t expect to catch lightening in a bottle via individual stocks, as the prevailing trends has been to fade rallies. You get into a stock +7% hoping for it to run another 3-5% and next thing you know you’re kicking out a 2.5% loss. The one’s that do run and rare and not too predictable — stocks like HLBZ and LGHL.

China stocks are in a bear market and we saw the hot commodity sector take a breather today. I was somewhat constructive because SAAS was solid most of the session and the afternoon buyers showed up with zeal.

Bottom line: I closed the week up, not too much, but up nonetheless. I am a streaky trader and can go on long periods of wins without drawdowns and I am hoping this is the beginning of many weeks of uninterrupted success. I felt in control and on top of the market for most of the day.

Have a good weekend.