My trading long has been through short SPY Puts. I have moved the exposure to long QQQ. The reason I did this is threefold:

  • I lowered my notional long exposure in case of a disaster.

  • I believe technology is poised for the largest rebound as it is the most oversold.

  • If there is contagion due to a Greek default or fear of a contagion, tech companies are relatively well positioned as most do not require access to debt markets.

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