SPY short covered in ignominy, but not really

The loss was 10+%. That’s the “ignominy” part.

The “not really” parts are that a) the loss was steeper before this market correction and b) SPY was too blunt an instrument, as I picked the absolute worst thing to be short (outside of Semi, Tech and the Consumer sectors) as this pig simply rotates its sectors when things start to weaken.

Now that we’ve got a crack in the market the short is covered and I’ll look forward to initiating new shorts if/as needed going forward. Yesterday I took a small short on SYK and its funky (not in a good way) daily chart for example.

As for the pig itself, it has done some good work in approaching the 2815 (+/-) support area and filling a gap. I’ve added a few longs on this decline. But cash (paying income) continues to steer the ship through these waters for now. The market retains its uptrend until 2815 and the SMA 200 (2775) get taken out, at least.

spx

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