That is, I don’t plan on…
When I left this morning to go meet with contractors and what not on my land, the futures were down pretty sharply and our portfolio was due to open down too. The early morning ugliness has given way to some rally action into the lunch hour and we’re now up nicely on the day.
I do think we’re likely to have some near-term weakness into the August 2 US budget deadline that will be capturing the hearts and minds of traders around the world for the next couple weeks (only to be forever forgotten when the next shiny headline comes along).
That is, I don’t plan on doing much buying unless we get closer to the DJIA 12k or so again in the near-term. In fact, I might add to my XLF and other shorts to get some exposure to the downside if and when it comes. Let you know if and when I do.
