Lot's of leaning going on

Not able to watch the markets today with the big Fed Meeting.

My portfolio is light all month.

The market seems to be telegraphing a continued tough stance on inflation – which their numbers say does not exist! The LEANING seems to be, short gold, long interest rates and short the US market.

When there is LEANING, there is opportunity for the risk takers. A surprise FED neutral position or a RATE CUT – would send stock prices and gold prices flying. Stock prices would be led by financials, homebuilders and gold stocks. I would be using cheap out of the money calls for that one.

Rates have been climbing the last few week, the US dollar strengthening and gold prices down 20 percent. The good rally came only in developing countries, but the selloffs were in the 40-50 percent range


Selling my IFN (india) at the open and the rest of my TRF (Russia). It was a great trade.

Selling more gold this morning. That should have been a huge winning trade but I bought too early and the bounce has sucked – considering the speed of the selloff. Overall a small gain, but my core positions have given back big gains. Prices don’t seem likely to explode, but if there is a RATE CUT I will be rebuying immediately.

I see very few new highs and I am stopped (RHAT) and close to getting stopped (PFWD, RENT, EWM) on other new buys made the last few months.