Thursday, February 21, 2013

Lighten the Boats

Dow suffers 2nd worst fall in 2013 after Fed minutes
All fundamentals goes out the window on the Fed meet - they key is how large of a correction we get.  The Fed's message is mixed rather than clear negative.  Given how far we've come in equities, it may be time to reduce long positions and take some light short positions.  I've got CMG short, and USD long, and 10% in cash, will look towards adding 1-2 more shorts tonight.+

The message is bad for Gold, Oil, SLV, aud - all taking beatings last night.  Unfortunately I'm overweight in these positions: I will close my GLD position tonight, and hold SLV.

A beat on both revenues and earnings, a big beat in revenues, moderate in earnings.
A stock I've been looking to re-initiate a position.  A continued sell-off, a good entry would 40-44.

I sold my WPL position at market open 38.44.