I've just added back the index longs we released yesterday (TNA/BGU ETFs) over S&P 1129, here in the 1123s. The original purchases were a week ago Friday in the 1125 area hoping for the beginning of a breakout but we have very little of that. Effectively I cut out 1/3rd of the very large exposure we put on a week ago Friday, yesterday - and today put back slightly less than that 1/3rd.
I also released the January 113 SPY calls - sold half yesterday for a nice profit, and half today for a nice loss - moving the duration out to February (SPYBI), same strike price. While the January calls still have 3 weeks to expiration the volatility in this market is so low, it is sapping away the premium and I like these calls for quick movements more than anything. Since the break out has thus far been a flame out the usefulness of the calls has been poor.
Unless S&P 1120 breaks, I remain a belligerent bull ;) Bigger picture it feels like quicksand out there and I don't think our NAV has budged from where it was 8 weeks ago. While it has gone up or down a few % in that span all we've done is make some brokers rich with transactions while finding ourselves in the same spot. We briefly touched $18.00 NAV (80% gain for the year) around noon yesterday when S&P breached 1129 but have given that all back and remain stuck at $17.83. So unless the premarket futures buyers give us a gift tomorrow on the last trading day of the year, we appear destined to close out the year in the upper 70%s. I guess there is also an outside chance we gap down tomorrow morning, but of late the probability of that occuring is about 15%.
Returning setting to snooze....