Tricky tape for me this morning. My knee jerk was wrong, going long SAAS, which quickly weakened after 10am in favor of reopening stocks and oil. At the moment airlines, retail, casinos and cruise ships are bid, suggestive that Omicron might not ruin our planet after all.
I’m conflicted between being bullish and bearish and am keeping 15% weight in TZA until I’m sure. I’m losing money today, off by 120bps, mostly due to getting whipsawed early, I’ll likely lose money today, unless I’m able to catch a runner, which isn’t likely because I’m not trying to catch one.
The reason why I’m keeping the TZA hedge is due to weakness in small caps, overall.
My bias is to be bullish, but I’m just too much of a pussy right now, so early in the day, to take a bold position.
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With all these conflicting feelings between bullishness and bearishness it’s no wonder you understand so well all these non-binary people out there with penis and vag issues.