Thursday, December 31, 2009

Bookkeeping: Cutting Some Index Longs as S&P Breaks 1120

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I have no idea what to make of a late day selloff after two weeks of a market with no volume but just to be safe, I am cutting some of the index long exposure since the S&P fell below 1120.  Trying to assess anything in a nearly empty market is impossible.  Why the market is even open past 1 pm today is beyond me.  Don't tell me they put us back in the "box" to end the year.



The calls will be completely sold as well as good chunks of the two levered ETFs.

We'll get back to it next week year, when actual humans return to institutional desks.

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