Time to Take a Pause in the Market
Closing out some positions today: oil hedge and short positions are all in the money at the moment. I believe traders, etc. are so focused on the hurricane events that, in the short term, they may not give any weight to the negative long term fundamentals. Can't see the forest for the high winds and rain, so to speak. Will wait to see if I can restore the short positions on a strong rally. May regret this decision. Timing is a very, very difficult trick to pull off. In any event, no change in my longer term assessment that this is a market in search of a crash. (Ironically, the hurricane --- and Bush's megaKeynesian response to his falling poll numbers --- may postpone that moment of truth.)
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