Nice Quarter from A...
Open Question
Dan,
What are your key current resistance and support levels on the SP500? In this
market are you more in favor of playing with the sector ETFs vs. individual
names? Hedged long/short? Or what would be your best way of playing in a very
hard market from a portfolio setup knowing that you have to be nimble and
flexible? Smaller amount of positions and heavy cash seems to help. Thoughts?
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800 is the ceiling on the S&P. 650 is the floor. I see the S&P trading
sideways deep into the summer. I mentioned that a couple of months ago on CNBC
-- noting that the 200-day movign average was way too high and that we needed
several months of churning before the bulls had anything worthwhile to say.
At present, this rally is all on vapor and sentiment. Nothing has changed.
Seeing a few things...but they are just blips on the screen. Most people I know
are unemployed...but then, I live in the Western Province of the USSR, so
unemployment typically leads the nation. We are good at rewarding lazy people.
I like individual names over ETFs if only to get rid of the laggards. Try
finding an ETF that you like, then focusing on the top 5 stocks in that ETF.
You'll find one or 2 that are more attractive than the ETF.
I don't hedge. Cash is my hedge. So...I am hedged quite nicely now.
Nimble and flexible? I insist on only the best entries. If I don't get it, I
don't trade it. I will just turn off my trading screen when I feel that
emotions are dictating my activity.
I am a very emotional person. But I'm also fairly smart and self-aware. I know
that my emotions are not my friend in trading. So when they show up...I leave
the room.
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