Update on My Positions and the Market

With some profit cushion on my AAL GOOG LOW V shorts at the moment, I am standing pat with equity shorts. While I am tempted to keep adding to them, I can see the market staging a brief bounce before heading lower. So, I am staying patient and methodical. In addition, my NUGT SLW longs are picking up significant alpha in this market, thus far in 2015. I am also tempted to add to SLW and pick up other individual miners. However, here again I will stay patient and methodical in terms of trading "around them," meaning taking a piece off into strength (like I did NUGT this morning), the potentially adding back to them after constructive consolidations and resumption of the strength. On the whole, my thesis for early-2015 is that we walked into this year with clear complacency on the part of bulls who have had life fairly easy for them in recent years, despite some of the drawdowns growth traders suffered last year. Thus, a sharp correction to being 2015 is likely. Whether or not this turns into a bear market is anyone's guess, however. Names like FEYE showed relative strength yesterday, then plunged 7% today, which drives home the point of staying selective in a corrective market with equity longs. Into the afternoon portion of trading, I am in a rush to do not too much of anything. I see plenty of traders eager to play a bounce in the market, which makes me think it will be more sloppy action than anything else.