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Cover Shorts In Gabelli Multimedia Common Fund

|Includes:Gabelli Global Multimedia Trust (GGT), XLU

This shortened week, the market regained the 3% it lost the previous week. Oil & gas stocks rose 4.7% while utilities performed the worst, rising only 1.6% The market jumped above its 29 week average and the ISOS marker turned positive again, signaling new money entering the market. These are both bullish signals, so we will cover a short in the equity portfolio.

Gabelli Multimedia Common (NYSE: GGT) had a terrible week, falling 7%, more than erasing its premium to NAV. Thus, we are going to cover our shorts in the fund. The fund has lost 19% since we shorted it just before New Years' Day. This is a great profit in such a short time.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: GGT, XLU