Full disclosure: I have no idea what this market is doing right now. Sovereign yields are lower, alongside the euro. European markets are up; but we just gave back a monster open. None of the inverse ETFs are doing anything, yet select stocks are being smashed. The TLT is lower, lending to my confusion.
On the other hand, I see strength in stocks like MTW and TEX and wonder, what the fuck is going on? Perhaps it’s just “one of those weird days”. The problem I have with enduring “weird days” is often times they morph into fucking routs. People are holding onto shares now, in the face of a big reversal. But if the indices start to go down in earnest, I suspect things will get ugly and fast.
I am sure about one thing: I am not adding to anything right now. My cash position is about 30% and I am leaving it there until there is clarity.