Lying Low while Europe Fiddles

Yesterday we sold out our little long stock position on the rally and are now short stocks a bit, about equal to 10 percent of our equity.  We additionally on the rally reduced our long gold postion a little with the position now equal to about 20 percent of equity.  That leaves our short t-bond position  that  we put on last week that is equal to about 7 percent of our equity.  The long dollar position was liquidated on that same rally last week and leaves us with no strong feelings on the dollar here.  The value of the dollar seems to be the recip of the euro at the moment and that situation is the main issue with Europe.

I will be leaving today on my annual trip to South Dakota to visit the Medicine Man.  Unless someone acts up in Europe I will post next on June 30th.

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