So sad they had to fade it
--Tears for Fears
Stocks have tacked on close to 5% off Friday's lows on the back of Fed chair Bernanke's Jackson Hole speech. We're now coming up on the SPX 1225 level that led the spill once breached nearly a month ago.
Will be interesting to see how things behave at these levels, as that 1225 now serves as resistance.
Personally, I've been fading (read: selling) this rally--unloading longs and adding to shorts. Have worked my net long stock exposure (longs minus shorts) down from about 22% to 13% of liquid assets.
Still sense that we have a date below w/ SPX 1025 in the not too distant future. As such, I want to use strength to reduce my net long position.
position in SPX
Most of the economic policies that support robust economic growth in the long run are outside the province of the central bank.
ReplyDelete~Ben Bernanke