Thursday, August 21, 2014

Finally Some Enthusiasm

Well it took a trip to new all time highs before we could get the enthusiasm that I wanted to see before shorting this monster rally.  I am short at 1990.25 and will be looking to cover after Yellen's speech at Jackson Hole tomorrow 10:00 AM ET.  I am expecting a sell the news reaction, as most are expecting a very dovish speech.  The market is set up for a selloff after the event, rallying for 10 straight days, and now I am seeing calls for SPY 200, and S&P 2000 by tomorrow.  

By the way, this is a BTFD market, and I will quickly cover my short around 1980, and will look to get long around 1975, perhaps we get there by Monday.  I am bearish on bonds, and will look to short Treasuries on any equity selloffs over the next few days.  Eventually we will bust through 2000 on the S&P, but we should consolidate this huge up move for the rest of the month.  

No comments: