Shorts are emboldened here as the morning climb subsides. The feeling we have come too far, too fast is creeping in. Dow, for example, and one of my large positions, is up, gratefully, almost 20%—today. Added to IBM and established positions in SPAR, CBI and NPK. The latter is a thin trader so have never mentioned it. Am hedging a little by adding IEF, Barclay’s shorter term bond ETF, which promptly fell $0.30. Being hurt by XOM and VAR. Varian Medical’s EPS and guidance seemed fine, when reported yesterday but somebody saw something they didn’t like. Am hesitant to add until this sorts itself out.
My TIP purchase of yesterday reflects the growing appetite for risk as TIP price falls. No one wants to own bonds.
Would like to add to the junk bond funds, HYG and JNK but they have move pretty, pretty fast. Same for the Canadian banks, all of which are screaming. I own them all; BMO, TD, RY, BNS. Would like to add, but not at these prices. Instead, I bought a little of the Canadian dollar ETF, FXC.
Off to the gym.
