What a Week! What’s Going On?
The market really got clocked, down 7 - 10% for the major US indices. However, GCM's portfolios held up perfectly as we have been in cash for nearly 3 weeks and avoided most of this mess. The small "market" short positions that are held added value as well. For the week, we ROSE about 2.5% and dodged a major bullet.
The week started out badly with a near 8% drop on Monday. Lots of backing in filling after that but by weeks end nearly every major US index was at a new low. Late session breaks in the S&P and confirming declines in the Russell 2000 (and Mid Cap, Dow, etc.) are certainly troublesome. But what is most troublesome is the failure of the market to rally in the face of the House passing THE bill. If they can’t muster a rally off of that then what’s next?
We’ll stay in cash, hold those small short positions, and be patient for what may be a great buying opportunity. But for now we are in a good place!
Stay tuned…and have a nice weekend! Please contact me for further or a more personal discussion about how Geller Capital can help with your investment portfolio.
The week started out badly with a near 8% drop on Monday. Lots of backing in filling after that but by weeks end nearly every major US index was at a new low. Late session breaks in the S&P and confirming declines in the Russell 2000 (and Mid Cap, Dow, etc.) are certainly troublesome. But what is most troublesome is the failure of the market to rally in the face of the House passing THE bill. If they can’t muster a rally off of that then what’s next?
We’ll stay in cash, hold those small short positions, and be patient for what may be a great buying opportunity. But for now we are in a good place!
Stay tuned…and have a nice weekend! Please contact me for further or a more personal discussion about how Geller Capital can help with your investment portfolio.
posted by David Geller at 7:06 PM
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