Net Neutrality

I moved from being partially hedged (or moderately long) to market neutral today. The bulls are probably better off with a consolidation before trying to get through the August highs. If they just blast through this week than there is a good chance it will be a pop and drop. My desire not to go net short will be sorely tested under that scenario. If on the other hand there is a consolidation followed by an attack on the August highs there is a much better chance that it will hold. Have a good night.

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