Although I have not done anything major today, I intend to shake things up a little. The jobs numbers were good, yada, yada, yada. Those numbers were leaked several days ago, if you haven’t figured that out by now. Breadth is good, across the board. However, don’t get complacent and do not trust this market to do whatever the fuck you want it to do. Got it?
For bulls, the worm has turned, sort of. We are rallying pretty hard off the lows and economic data has been great. But, stocks like BUCY are up 18% over the past week. It’s a large position of mine, so I’m not bitching. But come on already!
The only thing that I trust is what I am doing right now. And I know this: if I book some profits today, I will feel good knowing I positioned correctly for this bounce.
My strategy is one of precise timing. When I let go of my longs, I expect the market will pullback, allowing my ever-so-cumbersome VXX appreciate in value. It does not matter if I “make money” in VXX, as long as it trades up from here. My concern is the overall health of the portfolio, not measuring my dick size again a p and l statement.
Without a doubt, I am a seller into this leg of the rally. Proceeds will go to cash.
Comments »