"What Jefferson was saying was, 'Hey, you know, we left this England place 'cause it was bogus. So if we don't get some cool rules ourselves, pronto, we'll just be bogus too.'"
--Jeff Spicoli (Fast Times at Ridgemont High)
Unwound about 2/3 of my long exposure today. Consistent with past behavior, I have trouble keeping them on my sheets when my macro gauges point south.
Am pretty much neutral right here w.r.t. risk profile, with longs and shorts about one to one on a dollar basis. Any further jig higher will likely find me parsing out remaining upside exposure.
Sentiment gauges are awfully stretched toward excessive optimism. And we know that when complancy sets in, risk increases.
Hard for me to trust 'em here.
position in SPX
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