Selling This Strength
I have used the recent market strength to exit several positions. I closed my positions in Silver Wheaton (SLW) and Arcelor Mittal (MT). I still remain bullish on metals but I would like to see more attractive valuations before committing money to the sector. I also closed my position in Terra Nitrogen LP (TNH). I would consider reentering TNH below $85.
posted by Big Ben at Saturday, September 01, 2007
15 Comments:
I would be unwinding most long positions at this point, or at least adopting a defensive posture of some sort. Cash is king in this kind of market, and I fully expect a credit contraction to be the cause of a general asset price decline globally. A cash reserve is a good idea, insure with puts, sell calls, acquire "defensive" stocks (JNJ, PG, etc.), and consider yield when picking up stocks. Heavily discounted closed-end mutual funds are a decent idea.
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I completely agree. This is a great time for defense. We've been given a small breather from the chaos of August. I think we should use it wisely.
Al
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