Out was smart. For the moment anyway. I'm still out. Basically flat save for a small handful of positions. This way I'm not hostile and feeling under attack with the market going against me. Really I should have not only covered but went long today as well. Don't know why I felt it appropriate to be so arrogant as to shun easy low risk long trades. Bottom line is I don't trust the long side here. Our problems are just too big. It's important to be able to sleep at night.
Apparently the "Fed will save us" trade is back on in the equity markets. Strikes me as fallacy but the fallacy has the upper hand for the moment. No sense in fighting it. The more of a bounce we get the more meat on the bone come time to short again. Thing is, none of this will be easy. The coming bear market will be tough to trade long or short. Think volatility.
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