Resnn moves fully to cash
As you have heard me say time and time again, capital preservation (protecting your investment) is our number one rule. If the market does not provide us with a healthy environment, then we simply choose not to take part. Making certain your portfolio is safe is and will always be our utmost priority.
Today, we moved fully into a cash position … completely out of the market. Time will tell how long we will sit out, protecting our capital … could be just a few days, or a few weeks. But we will not make a move back into the market until we feel comfortable that the climate has changed.
Looking at the market technically, I am expecting that over the next week the market will move up again to try to overtake the previous high … and how effectively it performs that task will help us to determine how risk oriented we want to be. The first move down in a correction is less telling than the subsequent rebound or attempt to move up again … so we will be watching this rally attempt closely. We want to see conviction in the buyers as price moves back up to convince us that this is a market that we truly want to be invested in.
I will send more updates as we progress through this correction, but know that your portfolio is completely protected and will continue to be regardless of the outcome.
If you have any questions or comments, PLEASE reach to me personally.
Respectfully,
Randall Mauro
Portfolio Manager
Resnn Investments, LLC