Kind of a strange week. I am up 1.7% on the week and up 12.2% overall. The broader market is down about 1% for the week and up about 5% for the year. So I am now almost doubling the market returns, despite the LMNS fiasco, which cost me about 3 points.
Up The Elevator
Check out the one day chart for TLT, which is longer term treasuries:
|One Day TLT Chart|
Stunning, isn't it? The jump occurred right at 1 pm, just after President Obama spoke about Iraq. This chart really bothered me today. I do think there is a reasonable likelihood that this signals the start of a classic flight to safety. Interestingly, RIOM for me went from about $1.97 to $2.05 in the same stretch.
At the end of the day, I did buy some TZA as a hedge against a market drop (at 15.45). Recall that I am already at an almost all-time high in cash.
Ok, back to the Spurs schooling of the Heat. Remarkable pair of games in Miami.