Pierre, if they do not reach targets, yes, you may want to take in one or two, but I have a feeling that AGM, PII, COO and IGT from the core are going to drop into the range, and you do not want to jump in too fast. My own target is to be around 50% to 60% cash only, possibly higher if we get premature intraday bounces late tomorrow and early Thursday, we may be setting up for a string of down days, culminating with a very bad Monday. I'll try and comment on that tomorrow after we see how the market really opens. There is really no need to deploy everything at once, once we turn, there will be opportunity to jump back in leaving not much more that the first 10% on the table, this vs the risk that we jump in 20% above the bottom (g). I would say that patience and steel nerves will be required.
To my dark side cyberfriends, if we do open sharply lower, you may want to consider taking some stuff off the table, after all, bulls make it bears make it, but....get slaughtered... Just don't do it too fast, you may precipitate a massive short covering rally (vbg).
Zeev |
