Sifting through data this morning was the equivalent of a triple shot of espresso: Too much love for stocks.
Rallies and gains have a foundation of fear and loathing, not love. Too much love is a rally killer. Its not easy to throw beloved CAGC and ZSTN back into the market but now our primary mode must be to protect capital and gains.
Adding a second leg to our Ultra Short Hedges.
Selling off our TBT with a small gain. Any selloff appears to be due to weak economic data and not rising rates, hence the TBT’s are weak this morning.
Be careful out there
Long but reducing CAGC, ZSTN, TBT