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Correction Going On

It appeared as i wrote in the last post.

Market confirms to be in the correction mode and, like other phases in the past, I am patiently waiting for a follow through day (NASDAQ:FTD) before to open new single names long positions.

correction on precious sector is going on therefore I'm waiting gold and silver's behavior when supports are touched.

I took profits on emerging bond etf (NYSEARCA:EMB): yield is just above 4% and it could go higher in the short term. I'm monitoring the high yield sector as well, hoping for a correction to buy it lower.

At the moment I 'm most in cash and European Italian bonds linked to inflation. Sold put on Eni, an energy Italian company with an dividend yield above 6%.

I'm monitoring emerging market Etfs for covered call ideas and and Etf Stoxx 30 dividend with an yield above 6% at the moment. I placed a limit order 5% below actual price.

In summary, I'm quite defensive now, waiting for a FTD to become bullish again.

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

Stocks: EMB