We shot up as soon as markets opened in classic ‘fuck you’ fashion. This is why I often liquidate all opens, since trends are countermanded at a drop of a hat, only to later on resume.
My thesis heading into today was a down open. I got it and covered some my shorts and then followed up by selling my longs. I did this whilst replacing them with TNA for simplicity purposes.
The price action is bullish and I’ll try to refrain from meddling in my own affairs today. I’m keeping two hedges in place: short euros via EUO and short bonds via TMV.
The fact that the dollar is strong makes me uneasy about being too long, so I’ll likely keep my 75% cash position intact.
+85bps early going.
UPDATE: upon publishing this, we collapsed the open. Go figure.
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