Markets are careening lower and the speed at which it’s happening is too alluring, which means no good. At the open, as I always do, I sold everything, including my TZA hedge and now sit in cash, +36bps for the session.
Any moderate momo oriented portfolio is down 3% now and getting worse by the minute.
However, the fastidious nature of this drop leads me to believe a counter rally is going to happen soon. But I’m not brave enough to play it. No not me. I prefer sure things and the comforts of cash, watching Rome burn.
I’ll play later on after the rally.If you enjoy the content at iBankCoin, please follow us on Twitter