Gotcha markets. As Keynes would say…

Posted on Jun 22, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p88572661534&a=214966864

Keynes -- that iconic economist who is more insulted than honored -- aptly said that investing was oftimes a game of musical chairs in which the winner was able to get to a chair before the others.  Yesterday was one of those games --either gotcha or musical chairs.  We are partially hedging some index positions.  This is because of our  theory of hair trigger stops and power bars.  Radical moves in the market are often the explosion that set off the avalanche.

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