Very early this morning (markets down 1%) I dumped my 20%-of-portfolio postion that was 2X long the S&P500 and NASDAQ.
I got scared when I saw markets woke up with what looked like a BAD MOOD. Now I see stock markets have recovered to be mostly flat.
I agreee with those recommending “capital preservation” as their primary focus during these chaotic market conditions. Also too difficult to predict if a significant Wall St. bailout will pass.
So I’m 25% gold and 75% cash. Kitco shows gold is pretty much flat for the day. So far i was right about gold falling (short-term) as gold is now down to $871.
