The SPX hung in there today and took back that 2020 level. The market bottomed out around noon today, drifted higher and then caught a 12 handle S&P rally in the last half hour.
It’s tough to trust anything here until we get through the fed over the next couple of days. Today could have just been some short sellers covering positions as we approach Yellen.
Here’s Janet today getting ready for her big day.
As I mentioned in last nights video I did reduce some exposure today on the short side just in case.
Today’s trades: sell 1/4 EDZ +6.73, sell 1/2 SOXS +3.70, covering 1/4 HYG +3.80 COVERING 1/3 CAT +4.00
We made good money in PACB about a month ago and its been hanging like a rock through all this, so I am adding it to the p&L on a break through 10.50. I would do a half position, not full,only because the market is still bipolar.
See you in the morning.