With long/short equity you cannot have your cake and eat it too but even if performance during up days averages to zero while during down days it is positive, the net results is usually desirable over time. Here is a specific example from yesterday, Match 27, 2018.
The DJI fell 1.4% yesterday after opening higher. This is the output of DLPAL LS software sorted for 50% long and 50% short based on P-delta x S rank (click here for more details and example.)
The returns from open to close and close to close of yesterday were +0.62% and +0.51%, respectively. The top 3 long and bottom 3 short performance is interesting: from open to close the gain was +1.65% and from close to close +1.47%.
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