Within 15 minutes I closed the leveraged BIS Biotech short trade. Then I covered ORCL, and SDS hit its stop. Later on, I also sold EW in strength and covered the IRM short in order to steer clear of the "free money."
You can see below that the SDS, ORCL and IRM were wash trades, but that the three other trades (BIS, EW and ENDP) contributed 1.4% to the portfolio gains. So yes, even with 80% short positions at the start of the day, this did not end in catastrophe.
I executed a scalping trade on ENDP, buying the test of a low on a positive TEV pattern. I kept a stop below the low of the day and left the trade unattended, except for a sell order at a natural resistance level.
Sell order was met.
The ideas for today are below. Most of them are in the Health care/Biotech sectors.
IRM is also a new short trade on a breakdown on volume.
I will be away for most of the day, starting one hour after markets open, so I will not be able to trade these ideas.
This market is going for the largest caps and denying the smaller caps. I believe much weakness can be found in the small caps. Going forward, it will be possible to build a long large caps/short small caps type of neutral portfolio.