Took profits on the SLV today. This monstrous mess is difficult to understand, but at least in the short-term the cue I'm getting from the LatAm markets (all green) is the Dow/S&P sag of today is temporary. I expect plenty more volatility, and a certain amount of woe is being washed out of the US market as I write.Therefore, tomorrow is less nervous, the US markets recover (along with the suddenly oversold greenback), oil backs off from this quite incredible move today, metals go through a necessary consolidation phase. All that's a mouthful of words to explain one thing; "Sold SLV", and if you had a 30% profit* to book in a market like this, you'd do the same.
Wouldn't you?
Long term core portfolio untouched as ever. Plenty of cash now and not buying anything today, not even the tempting CZZ. Call me chicken if you like, I don't care. I have three words stuck on a post-it next to the screen, and I'll be damned if I'm going against them now.
"PRESERVATION OF CAPITAL"
*correction, near 30%. Just checked