A diary of the thought process behind my investment decisions
I was clearly early in lifting my hedges this morning. That said, I believe the type of shakeout we are seeing today will bring about a better bottom. We broke all sorts of support levels, which should serve to get rid of many of the renters and momentum players. We are far from levels indicating extreme negative sentiment, but we are reaching levels where we could see a rally, especially given the approaching seasonal strength and possible oversold reading later this week.