Getting Long Stocks Today
Today we are moving our long stock position from 5 percent to 50 percent. Probably all on the opening.
First update at 9:00 AM CDT: Ok we got the buying done. Now we are in the “Pincher” trade, long stocks, long dollar, short gold.
Second update at 9:50 AM: Keep in mind buying stocks today is just a trade for a move back to the median level at 1235 on the S&P. The political process in Europe and the US is trying to move into the solution phase against big headwinds in terms of austerity moves on the part of the conservative element. This process will bring relief but more than likely not long-term solutions. As such our belief that the market is in a wide price distribution phase over the next 18 months remains.