My tactical decision to NOT go long equities but simply go “less short” has worked out well. I went from 80 short positions this morning down to 54, but I clamored right back to 80 again. I think I’ve been profitable every single day this year, which is a bizarre feeling for a permabear like me. The only thing I touch which seems to turn to poo every time is gold (which, foolishly, I’ve tried going long the past couple of days). That poor metal remains a complete and utter piece of crap. I really should stop trying.

My main concern, quite seriously, has been that Gartman is short, and his target for a bounce was identical to mine. How on earth could I reconcile this?

Then it hit me: maybe he’s wrong (and so am I) that 2000 is even approached. Maybe we in in the throes of such a full-throated bear market that even 20 point rallies on the ES, like the one this morning, get shredded to ribbons before it even has a chance to get any momentum.

Having almost six years of sheer hell (June 2009-December 2014) and one year of “hey, maybe things are turning around, perhaps” (2015) the notion of a market getting pummelled regularly is alien to me. It feels very, very strange, and I can’t help but stop looking over my shoulder wondering when the awful news is going to come. In the meantime, I remain so short that I could jump off a dime.