Wednesday, June 10, 2009

Bookkeeping: Covering Many Morning Shorts

It's 3:30 PM - you know what that means.

I'm covering much of the morning shorts north of S&P 945, here around 932.

I don't fight the government after 3 PM.

One of these days the free market will overwhelm and we're going to be sitting with no short exposure while the market rips through the Invisible Hand, but until that pattern begins it just costs money to anticipate it. It has now reached a point of being self reinforcing - so many fear the "persistent bid" ripping their heads off after 3:30 PM they cover in anticipation of it. Which means the Invisible Hand can just watch the Pavlov reaction and not do the actual dirty work.

Anyhow, it's become a ruse... whatever.

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