I was worried this might happen. As noted in this space 2 days ago, Fridays are not typically bullish days for the stock markets.
People want to cash out before the weekend, to pay for rentals in the Hamptons... and divorces... and who knows what else.
But we recommended WMI yesterday in spite of the forebodings...
And amazingly, even as the broad markets sink like a rock (dropping almost 1% before 10 a.m.), our WMI position is rallying mildly!
Six Steps to Weatherproof the Evergreen Portfolio
Well, we'll just have to see where this all goes. But the more I see of this volatility, the more I want to turn defensive with this portfolio.
My take would be: batten down the hatches, which would include:
- Less U.S. equity exposure
- Selling off bank stocks
- No more micro-caps
- More income and dividend plays
- More large-cap foreign stocks, especially the BRICs - Brazil, Russia, India, China
- More commodities
But certainly not retreating from the stock markets altogether. Till then, let's stay the course and see what happens next week.
More to come,
Friday, October 19, 2007
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