Net short. Market averages higher across the board (up a hundy at one point as measured by the DOW). Yet I'm up again. Odd, no?
Believe it or not my longs are doing the heavy lifting today. GENZ is breaking out- as I said it would. My small RAI position is up 3% and the metals are looking to turn positive after spending the morning in the red.
My shorts are also contributing despite the green hue. YHOO which I aggressively shorted within a half hour of claiming to respect the bounce (as I said here yesterday) is down another 3%. YHOO is making new lows and remains on borrowed time as far as I'm concerned.
My expectation is for a choppy market here as the bears become increasing emboldened and the bulls try harder to deny reality (recession, bear market). Additionally earnings season is just kicking off and the market will react to the vagaries of earnings season. No time to be a hero. Took down a few insanely profitable shorts just to bank some profits and remain flexible.
If I were to be a hero, which I already stated will not be the case, I would short the living hell out of the dog they call YHOO.
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