Busy day for me today as I greatly reduced my short positions in my portfolio. I have to say that the past two days have been somewhat disappointing for me that we haven’t got as much action out of the market to the downside as I had hoped for. And both days have had intraday reversals that the bears simply could not hold on to whatsoever. With that said, I used today’s slight weakness to get out of two positions in which I was able to take profits in (AMZN & GLL), and another in which I was stopped out of (GLL) with a loss. The one that I got into was XLU at 28.34. So as it currently stands, I am short General Dynamics and short the Utilities ETF (XLU). So I am pretty light on the short side and sitting on a hefty chunk of cash.

My main reason for getting out of my positions is that the market is very oversold at this point, and while I think that there is still a lot of downside left to this market, I also believe that we may be due for a bounce – especially with the Fed Statement coming out tomorrow afternoon (2:15pm EST – which you can find immediately on SharePlanner), which could (and I believe it will) cause the markets to rally hard. The Fed continues to paint a smiley face on the economy with their statements, and I don’t expect any different tomorrow.

In all, I am waiting for the market to rally a little bit before I start adding more positions to my portfolio. Tomorrow afternoon may be the perfect time to do that if we get a rally from the Fed.

We shall see!

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