Not My Game

I have been willing to buy when we were oversold and bearish sentiment was extreme. But given that:
  • Valuations are not attractive except when compared with worse crap (aka bonds).
  • We are in an all out currency war.
  • The economy is slowing and the only hope is that money printing and asset bubbles will create jobs. 
  • Sentiment is now bullish and we are overbought.
I am going to sit on my hands with my conservative positioning and wait for better opportunities. Yes, we could see participants continue to buy in anticipation of QEII but I am happy to sit the game of musical chairs out. Have a good night

1 comment:

Anonymous said...

Sounds like you like GOLD.