The market situation continues to deteriorate. I was expecting some market strength today folowing on Friday, but instead we have declines. This suggests that the decline could be more steep than I expected, and there may not be multi-day or multi-week rallies (at least in the short-run). To this end I have increased the short position by one unit. I do not want to materially increase my short position after a few weeks of declines, but the greater risk seems to be that the market will fall more quickly than anticipated.
MARKET POSITION: EQUITIES - SHORT (7 units); GOLD - LONG (1 unit)
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