Investing.com - Financial Markets Worldwide

Long For Now, Waiting For The Great Short Opportunity To Reveal Itself

Published 05/22/2012, 01:12 AM
Updated 07/09/2023, 06:31 AM

Finding my inner bull probably came as a shock and puzzlement to my long-time readers, but it's true - - on Friday, I started aggressively covering shorts and entered a single very large long position in FXE.

Yesterday morning I augmented that long with new large positions in SPY, QQQ, and TBT.

I have remained in 30 short positions, merely because the charts are so outstanding that it would be illogical to dump the positions, even in the face of what I feel is an imminent and substantial bounce. All the same, I am weighted to the long side - - - a freakish circumstance for me - - - and will merely be marking time until the Greatest Short Opportunity of the past several years introduces itself to us a little deeper into 2012.

P.S. Incidentally, I flew out to Las Vegas for SlopeFest IV and had a great time meeting people and putting names to faces (or at least screen names to faces). Hearty thanks to all of those who made the trip. I apologize for my short stay (literally 100 minutes at the venue), but the last flight out of Vegas is at 8:40. My absurdly short stay in Sin City will now permanently cement my reputation as a pitiable homebody.

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