Indices are @ low of the day on fear of tax policy derailment, leaks are causing immense uncertainty for markets around the world, you never know how far these issues will go.
S&P 500 @ 2364.77, low 2363.45, high 2384.87
Internals are negative by 3 to 1 in NYSE & 5 to 1 in Nasdaq
Oil UP 46 cents
Gold UP $23.10
Canadian $ Down 26 tick @ .6370
VIX UP 31.08% @ 13.96
Portfolio CNQ CY FB OCLR
Most stocks are down
@ 2.35 following are green :
IAG KGC GG ABX COH AEM OPK M.....
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Joseph,
Thank you for your comments :)
As you know I am traditionally a 90%+ long investor, searching for great companies doing great things, and portfolio cash burns a whole in my pocket usually. It takes a lot for me to go more negative which I did quite a bit in the last week or so.
The discrepancy I perceived between the true risk and the market priced risk had gotten too disparate for my liking, and so I sold about half the portfolio and put on a short hedge on top of that.
I indicated at the time that I wasn't exactly sure how/if it would go down, but the signals were flashing at me. I am lucky in that I actually acted on what I saw instead of sticking with the status quo of a comfortably long portfolio.
As per my usual, I entered many things too early today on this first really bad day, but I take comfort in that I'm only down about 1% on the week, and I'm positioned for the great companies to do great things once again. As this market turmoil develops further, I'll keep managing risk/reward to get back to fully long investments :)
Stocktrader
Hi Stocktrader,
Bought BABA @ $120.45 in AH.....
Earnings before open.....
Saleem
Hi Saleem,
Good luck with BABA--I'll be right there with you! :)
Stocktrader
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