Booked profits in UPRO this morning- selling half of the position. This put us in over 60% cash. Lets get it straight, this is not a great environment to be investing in. However, there are some cheap, quality names out there that I can’t ignore. So, after you receive this alert, I will initiate a new position in a tech etf- TYH- to give added diversification that I believe is at an attractive risk/reward point. At 50, it has pulled back 30% from its highs of 67 and has bounced off of the 200 day moving average, which happens to be last year’s October crash lows. While a better entry point at 46 would have been preferrable, I fear that I might not get that opportunity, as investors will look to technology names as a safer bet to get cyclical exposure yet protect against the slowing global backdrop- where industrials, metals, and energy are taking a beating. So now, with 50 % cash, this becomes a waiting game to add to BAC FWLT TEX TYH and UPRO- only on the pullbacks.
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