As we pointed out a day or so ago the wave pattern in the indices has been surge, drift, flush ’em out and surge. Today we lifted our Q and Dow hedges and bought the FAS and the QLD.
Ordinarily we would not be so active. We’re basically lazy and phlegmatic investors. There is nothing we like more than a months (or years) long trade that quietly piles up profits while we snooze.
But in turbulent times and a markets that are changing their basic nature sometime you have to bestir yourself. We just bestirred.