SPY Short Covered

I just covered my largest position, which was a short on SPY held (and increased last week) for several months.  This joins leveraged index shorts that were covered on Friday.  With SPY at the SMA 200, I just don’t want to play anymore.

spy

The chart at this moment however, looks ugly and the bulls had better get it together soon.  I became, by definition, a weak holder of longs with no protection (other than precious metals longs, which have been a good counter balance) and have acted accordingly, in reducing long positions, especially those violating stop loss areas.

Given the risk in the sector, the PM’s are candidates for sale at any time as well.

My overriding goal is to have a relaxed summer, preserve 2016’s gains in the short-term (cash, last I checked, is good at that) and be right on the next phase in the intermediate-term.  Should be an interesting summer.

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