March 1 Replay


  • I mentioned March 1 in my opener as an example of what could happen when the first of the month effect is front run. While I thought we could see a down day, I did not think that we had March 1 potential today.

  • The fact that sentiment never became extreme and that there was not much  fear during last week's downdraft makes it harder for the market to rally well.

  • Commodities are not down all that much today. Stagflation anybody?

  • I remain of the belief that the market is meant to be traded, not owned this Summer.

  • I remain short the 132 SPY puts expiring this Friday. This is a very modest position.

  • I am not willing to get aggressive on the long side until one of the following happens: Greece defaults or the ink on a new bailout is dry or we see real fear. Until then I am playing small.

2 comments:

Anonymous said...

getting long the tbt

Tsachy Mishal said...

Shorting treasuries is getting interesting. Downside seems limited.