Those of you trading based on the Tim Depression Algorithm (TDA, even though it’s wholly unaffiliated with Ameritrade) were, of course, greeted with red numbers on your quote screens this morning. In fact, at the moment I was glancing at USD/JPY on my iPad, the dollar rocketed higher……
…..which led to another smack-down in gold. If this breaks about $1210, gold bugs are probably in for more extended misery.
For myself, I’m running a couple of different accounts. One of them is my large “lots of small equity shorts” account, which has been treated lately with all the love and warmth of a fresh new inmate in prison dressed in the latest offerings from Victoria’s Secret. I presently have 28 short positions in that account, all of them small, none of them ETFs, and using up about 70% of my buying power. In other words, very light, and very scared (which probably means we’ll finally get a rip lower in the market).
Starting this year, I also starting trading a new account in which I’m only trading one or two positions at a time, only ETFs, and often leveraged ones. I’m actually doing pretty well with that account, although I gave some back yesterday with a hastily-entered position in QID. The success of that account has kept me from feeling like a complete failure lately.
Anyway, maybe it’ll be a decent day for the bears for a change (again, I’m light, so it’s almost guaranteed). Sorry to be moaning and crying so much on the blog lately. It’s been tough.