Lightening up on many positions

Quick update:

Too many names to mention but just went through a slew of charts and most look identical to the index charts I mentioned last night - rebound to 50 day moving average and now falling back. So I am cutting many positions by 15-33% and raising cash.

If the market turns on a dime and breaks through these resistance levels, I will have to buy back a bit higher level, but right now the bias seems to be down, and I hope to buy back at lower levels.

Notable exceptions/pockets of strength are the trio of "not as cyclical" energy names I mentioned last week - all these are holding quite a bit above their 50 day moving averages. If the market tanks, they will fall too, but I want to be adding not selling these positions on pullbacks, plus none is more than 2% of the fund at this time.

Cash is up to about a quarter of the fund now.

Long Cash