I have done this despite continuing to be negative with regard to the market's outlook over the next six months, but being negative does not nullify an attempt to be opportunistic (in a trading kind).
I believe my rationale and how I react to a volatile and relatively illiquid market influenced by a news event is instructive. Or at least I hope so.
To be sure, I have not been frozen. Rather, I have purposely gone step by step in explaining (in brief terms) why and how I reduced my portfolio exposure and took profits this afternoon.
Again, my experience is that the spinsters are moving full-speed ahead with incomplete information. My job as a money manager is to capitalize on this in order to deliver superior investment returns.
That revelation of the Clinton emails materially impacted the market and brought the S&P 500 Index down to the important support level of 2120 discussed in my opening missive of Friday morning.
Perhaps, most importantly, Friday's action and news underscores the opportunistic trading nature of this market being favored over the buy-and-hold crowd.
This will no doubt change at sometime in the future. I have not given up on my investment shorts and longs. But, for now, I am more of a trader than investor as I "take" what Mr. Market gives me.
This has been a great week, a fantastic month and an even better year.
And we still have two months to go!