Well, today’s the day they roll the old biddy out in front of Congress to say whatever she’s going to say to try to keep the house of cards from collapsing a few more weeks, days, or hours. I’m not as worked up about these things as I used to be, since central bankers are rapidly being exposed as the feckless, bumbling clowns that they are, but yesterday I did trim back on some shorts since the juiciness of profits was outweighing the opportunity for much more downside. Prudential is one fine example:
I wanted to be short something in size, however, so I landed on bonds, which for weeks now have been the safe haven.
I’m favoring the short side on miners (for the time being, anyway) such as RGLD and SLW as well. Other than that, I’ve got my usual smorgasbord of short positions, and we’ll all just wait to see what Mr. Yellen has to say in front of the congress critters.
