Jul 11/14 – Gored by the bulls

I have to hand it to the dip buyers – they sure nailed it yesterday.

I have been lugging around a big short and I felt that maybe, just maybe, yesterday might be the start of the much needed correction. Although I did not add to my position down into the 20 handle S&P gap lower, neither did I take the opportunity to cover any of my short. That proved to …