I'm trying to be as flat as I possibly can and I'm nervous. I was modestly net-short of the market. Its a momentum driven market and as Doug Kass says "a market without memory".
In our retirement fund here at TGL… the only money which we manage directly… we came into yesterday’s session decently net short; not aggressively so, but not marginally so either.
However, it made no difference; we were short in a rampaging bullish move and we had no choice but to rush to cover much of the net short position immediately upon the opening of trade on the NYSE.
Within moments of the opening we had reduced that net short position almost entirely. Would that we had had the temerity and the foresight to have reversed our derivatives position entirely, but we are neither that insightful nor that heroic.
Today, almost certainly we’ll be covering in a bit more of our derivatives position and at the same time we’ll be buying more of our single “tanker” stock to take our “net” position to one that is modestly, marginally net long. We’ve no choice. The market has spoken and it has spoken loudly.
via zerohedge, cnbc