I am layering in new “core” short positions on the Dow and Nasdaq futures this morning while at the same time selling any stock mutual funds within my retirement accounts that I rotated into around Dow 18750-ish. Current levels are approx. Dow 23,930-ish and Nasdaq 8250-ish. The Fed just introduced yet another in a series of never-ending bailout facilities and loan programs. These will NOT work, and just make things worse in the long run. I might be a bit early here on a top call for this retracement, but I would rather be safe than sorry as we have hit 50% retracement levels.
I will provide a separate update on Oil as that is a lengthy discussion.
Current positioning is short equities, long gold, and trading in and out of oil with a bias to long over the *long* run, no pun intended. All positions are futures.