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Moving to Cash

|Includes: IAMGOLD Corporation (IAG), SDRL

I made two big moves to cash today:

Sell 10% position in IAG @ $17.12, +4%
Sell 10% position in SDRL @ $30.31, +64%
Sell 10% position in SDRL @ $30.31, +73%

The run-up in equities just feels ridiculous, in my opinion. Bulls outnumber bears 2 to 1. In fact, there is a lot of sentiment out there calling for a "sell the news" event on QE2, which is expected to be announced early next month. In fact, I would not be surprised to see a drop before the event, since so many expect one after.

There are record levels of speculation in gold, oil, and many other commodities. Only two things are out of favor right now: the U.S. dollar and 30-yr Treasuries. So I've sold the commodities and equities and remain with a small net short position in commodities and long bonds.


Disclosure: long 30-yr Treasuries