I am absolutely THRILLED about how today went. Let me recount my day for you, to set the stage:
- As you know, a few days ago, I slipped off my well-worn bear suit and went bullish;
- Therefore, I had gone long GUSH (triple-bullish on energy companies), FAS (triple-bullish on financials) and very, very short on bonds (by way of a TLT short and long TLT puts).
- Today’s opening absolutely sucked for me. My short bond position created a 0.5% loss in my overall portfolio. I dumped it at a loss.
- I vacillated quite a lot about shorting today. I covered my 4 shorts. Then I entered a few more. Then I finally just threw my hands up and covered everything and re-shorted a huge TLT position.
- I also did some day trading in SPY (NYSE:SPY) (profitably).
OK, those bullet points are getting boring. My apologies. Anyway, I was kind of frustrated until about the last 90 minutes of trading. At the end of the day, equities rallied:
And, far more exciting, bonds completely puked their early gains:
The figurative as well as literal “bottom line” is that I posted ANOTHER RECORD HIGH in my options account and also turned a profit in my big account. More important, my directional shift AWAY from equity shorts and TOWARD equity longs and bond shorts is really starting to show promise.