After the steep drop of the past several weeks I got out of the last of my short positions in SDS (an ETF that shorts the S&P 500) yesterday at a handsome profit. Today's rally (as of 11:45 a.m.) leaves me with no clue about future direction. Shorts are too expensive. Long trades strike me as too risky. Given that, for today at least, I am just inclined to watch.
At the moment my portfolio is 87% cash, 11% long stocks, and 2% bonds.
Wednesday, March 4, 2009
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