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"Monday, the un-Friday"

Last Friday's "up 160-ish" was undone by today's "down 140-ish".  Nice!

The doom and gloom is setting in quite deeply.   Thank you DC.

This won't stop, in my view, until we get something real out of Washington on:

  • job creation,
  • regulation clarity, and
  • tax certainty.

Historically, having a cash position of anything over low-to-mid-single digits seemed defensive.  Now I'm beginning to wonder if 20% is defensive enough!
For the moment, I think it is.  But I'm finding that the "patience prevails" soundbite that I've used to describe my approach to putting cash to work is in constant need of being recalibrated to emphasize more and more patience and restraint!  To be clear.....I'm not running for the hills and hitting the 'eject' button.  But, there is increasing comfort in having a chunky cash position lying in wait for a perceived bottom/bounce. 

Cautious optimism, though, doesn't mean I have to hold my breath....

More later...

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Disclosure: (no specific stocks mentioned in this note)