Long Side Risk is Increasing
As you will note in our update comments late yesterday, we lightened up our long positions. On the Aggressive ETF Portfoliothat we show positions for on this site, we lowered our leverage ratio to 0.98 from the 1.27 that we have been carrying since December 14th. At that time we started keeping a visible portfolio and for purposes of following the performance we have added this portfolio to the Marketocracy site so that we can easily follow the Net Asset Value Index for it. That index which we will call the EMA Fund Index started out at 1000 on December 14th 2008 and is 1082 at yesterdays close. We will try to list that NAV daily here.
From the standpoint of the S&P 500 there was a lot less downside risk at 720 than at the current 920 level. In a general sense we still see a mid first quarter objective in the 1020 + area with the 870 area as support.
8:05 AM CST