Friday, May 23, 2008


One of the many things I am paid to do is worry. Worry is a very poor misuse of imagination.

As clients of Chippewa Partners know we moved out of our core exposure to the S&P 500 on Wednesday, May 21. There is no money in worry. Taking action is playing defense.

Defense is key. We have had a very good run off the March lows, and rather than hope to keep moving up, now is the time to protect those gains and not let them erode. Erosion can come very fast in the current mood of this market.

Price and volume action are extremely muted. The market is in a confirmed correction.

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