I’ve been listing for the past few weeks, mostly voluntary, as I’ve been disinterested in the tape. I closed at session lows -66bps and have 115% of my equity exposed, with a 10% short. This blend that I have isn’t designed for gains — but preservation of capital. I truly believe a pullback is imminent — but I do not have the balls to sack up and go net short yet.
Ergo, I hide in risk averse stocks, trading sparingly, hoping for resolution.
Let’s face it, the market has been wonderful and if it “consolidated” a little bit — no one would lose sleep over it. August looms and then after that the horrors of September.
On the other hand, I have no evidence to support these hunches. Markets are close to annual highs and all of the doomsayers have been dispatched. My pause is rooted in my desires and my desires are because of some fucked up episode of my childhood. I am fully aware of this and constantly beat against the current.
Let me be clear: I am not net short. I am actually positioned very bullish. But the VIX is low and the waters are very calm. Tomorrow I am heading to the beach for a day of relaxation and will likely trade very little. But in between frisbee tosses I will lurk and look and make sure my positions aren’t getting wrangled.
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