He meant the mid-term of the mkt is almost touched bottom. if u bot mutual funds, u should hold them for a longer period of the time.
But short term stocks trading is different. U can long oih for 20 points, then u short it for 15 points, especially oil is often opposite to the majority of the mkt. u can long it for 1 week and short it for another week.
Mkt went up so much yesterday, it was time to short it for a short term trading since yesterday.
WP did good job by shorting oil at mkt short term top.
he is one of the few HH who knows how to trade it like zig zag while most people only can hold it for long term.