Reversal of Fortune

The market reversed higher abruptly this afternoon, after drifting in the red for much of the day. Shorting U.S. equites remains a tricky endeavor--You can see how quick I was to trade around my shorts in recent weeks, closing them out late-Friday. As it stands now, we have NFLX earnings after the bell this evening, and the ECB on Thursday. The market may very well trade through a sloppy range until later this week. My two open positions are a piece of my long NUGT, with plenty of profit cushion there, and long RUSS as a way to short Russia. Note that even during today's rally in equities that oil actually weakened further. Depending on how this final hour goes, I may clear the decks again in lieu of taking overnight risk. Still, the action in the small caps and the Broker/Dealer Index is far from inspiring over the intermediate-term. To my eye, we can still see a market bounce this week but I am not finding the evidence of a healthy, sustained uptrend which is imminent.