I wouldn't go that far. I still have mostly cash as I have had since late March. Such a long time to try my patience. I would say that i am pretty neutral here. Psychologically, that means that a week from now I will be pissed off either way. If there is a rally, I will be angry that I missed it. If there is a dump, I will miss the short trades that I have covered. It takes courage to stay out <g>
But, some of these beaten down large-caps are looking ready to me. Clearly ADI and TXN were good longs. Hopefully LU too. I did reenter WIND just under 30 for earnings run. I still have some LT as well. Looking at ATML, ADAP, CREE, FBCE and a bunch of rats. I certainly can afford to be patient with them.
Overall, I have been long the market, concentrating on energy, financials and value with some mutual fund holdings, FSFSX, FSNGX, JSVAX. With tech I have been primarily short, protecting my LT holdings, except for a short period starting with YHOO earnings. I keep telling myself to just sit and wait until the week before Labor Day before rebuilding my tech portfolio. I still think that there is more risk than reward in that period and I still want cash on hand for a downturn. But, I have taken profits on my shorts and sold off some that did little and I have taken profits on my defensive energy picks while still holding the mutual fund shares. It has been a good period for me, this Summer. No fireworks, and harder work than during the rally in February, but reasonably profitable and a great learning experience, of course. |
