Small Sales

I  used today's strength to make some small sales. It has not changed my overall positioning much. I remain medium sized net long. I was planning to add some hedges if we surged into the close but that does not seem to be the case. While I don't believe there is reason to be very concerned, there is enough exuberance out there to make me want to add some hedges if we have another up day tomorrow. Have a good night.


Anonymous said...

The facebook IPO will likely suck a lot of liquidity out of this market. That may be a top.

Tsachy Mishal said...

The initial IPO of $5 to $10 billion wont be so bad. After all we had $9 billion in cash takeovers announced just in the past week. Its when the lockups expire and everyone else tries to sell. Definitely a negative liquidity event.