“Welcome to the party, pal.”
–John McLane, “Die Hard”
For the first time in a long while, I am not short any indices and I own no leveraged inverse market ETFs.
It is not because I am bullish. I am not, as I continue to believe, looking over the balance of 2017, that the downside risk is roughly 2.5x to 3.0x the upside reward.
Indeed, the market recently has displayed obvious technical and fundamental flaws that have led to some serious markdowns of certain sectors (e.g., financials) and individual equities (e.g., IBM (IBM) overnight); we have taken advantage of some of these. Moreover,…

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