Selling at the Close on Monday

All day, gold and the miners were up by varying amounts, while US stocks moved down then up while staying close to even on the day.

Then, during the last 15-20 minutes of trading, the S&P-500 dropped about 0.5% to close the day.

Earlier in the day, based on the increased volatility in US stocks last week, we raised more cash, now around 43% (from 35% last week).

For our speculative clients, we have appreciated the short covering in gold, silver and the miners. It’s been a nice shot in the arm. However, this long-term bet on a new bull-market in these assets is still under water and has quite a ways to go yet. We are still holding those assets for the speculative accounts (including my own).

Cheers.