Tuesday, October 21, 2008

Waiting for the Pullback

Only a quick post.  This is a very very busy week for me, so I doubt I will write much this week other than to make quick post on my current thinking.

Right now, I've been waiting for the pullback I was sure was going to happen.  I think we have probably reached a bottom a week ago.  However, the market bounced hard back up, and I didn't think it was the right time to buy either.  But now that the market pulled back a little bit, I will probably look to buy tomorrow so long as the market doesn't do anything nuts tomorrow.

If I buy, I will buy Novartis and Diageo.   I want to be in the drug and consumer staple large cap space right now.  Things that should survive even in a down economy.   To hedge, I will short the S&P even more than I currently am.

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