I sold out all my leveraged ETFs today. This rally has come quite far, and though I think there is more upside to come, I think the probability of a pullback is high.
I was very long, and I am still long but I now have a pile of cash I intend to put to work if the market goes down. If we really begin to roll over, I'll get flat or perhaps net short. But if the market appears to be going higher, I'll buy back in.
For now, as a trade, I am cautious.
Believe you mean "Paring back".
"Pairing off" would apply to Noah's Ark. :)
Or pairing back might sound like a square dance call - Two by two, Allemande Left & Dosado
Posted by: dave | April 23, 2009 at 11:01 PM
Yes, thank you.
Where's that editor? What do I pay him for?
Posted by: Toro | April 23, 2009 at 11:16 PM
When you pared back, he took Horace Greeley's advice & went to work at The Rocky Mountain News :(
Although I don't always agree with your bullishness, I really enjoy your eclectic choice of economic & financial news.
Thank You for your hard work
PS, think that you would be more than a substantial foe for El Cordobes http://www.flamencoshop.com/bullfight/posters.htm
Posted by: dave | April 24, 2009 at 10:53 AM