The breadth of the downturn today is quite impressive. Being heavily long oil I am down somewhere between 3% and 4% today. Tomorrow will be an informative day but I don't see myself selling very much. We are about to turn the corner into earnings season in a bull market. I'm 20% cash with the ability to raise funds if the market chooses to fight me. Because the market isn't fighting me; it's fighting itself.
Depending on what tomorrow looks like I will consider allocating cash, probably in US refineries because that seems to be the unstoppable trade right now. Wouldn't look to hold beyond July though.
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