Frankly, I’ve been very busy this morning selling and taking some more profits on my long positions and limiting losses by selling the laggards. Contrary to what the average “Joe blow” investor does, I prefer to sell when the market has an uptick.
That said, my conviction is clear. I believe that we are entering into a market environment where it will be difficult to make money, and easy to lose it, if you’re long stocks. Right now people should be looking for ways to protect their money via hedging or shorting weak stocks and sectors, if they’re more aggressive. Or, simply increasing their cash position.
The tide will take all the boats down in the harbor.
Additional update on what I’ve sold, developing….
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