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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (26041)	3/20/2005 11:21:58 PM
From: mishedlo	Respond to of 116555

SPX Warning Signals globaleconomicanalysis.blogspot.com Mish

To: orkrious who wrote (26041)	3/20/2005 11:33:56 PM
From: mishedlo	Read Replies (2) \| Respond to of 116555

Market Climate As of last week, the Market Climate for stocks remains characterized by unusually unfavorable valuation, while the quality of market action has deteriorated to an extremely tenuous condition, but still not at the point that would justify a fully defensive investment stance. In practice, about 70% of the diversified stock portfolio of the Strategic Growth Fund is fully hedged against the impact of market fluctuations using matched long-put/short-call combinations (which act as interest bearing short sales on the S&P 100 and Russell 2000 indices). The remaining 30% of the portfolio is hedged with index put options that are now in-the-money hussmanfunds.com