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I was heavily long the RUT and NDX with the 2x funds at Friday’s close. The RUT did 15% while the NDX did close to 13%. Happy to get a nice one in the bag. I trimmed these positions back 50%.

I also bought this morning TNA, SSO, QLD, and C. I put in an order for UYG that never got filled. That sucked because UYG had a nice second half run on the day.

I sold C with a slight gain on the day and wussed out basically in not wanting to hold overnight.

I held SSO, and QLD overnight and sold TNA before the close for a gain of 4%.

We basically got 100 points up on the COMPX already which I was looking for. There might be some more tomorrow morning which is where I want to cover a bit more there. Tomorrow’s close is important if this rally is going to continue.

If the NDX opens above 1165 and closes below it, then I will consider a short at the close or intraday. I’m also looking at 1499 for the COMPX as an important level. A GIANT HOWEVER is that I think if and when the next dip happens it should setup the next move higher as long as NDX doesn’t close below 1085 and COMPX below 1384.

The important items cooperating now with an upside move are the turning down of the volatility indexes VXN and VIX.

So I’m still long, just turning down my exposure. After a 15% up day in the RUT its a good spot to cover some up.

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