Hello all,

LO has gotten blasted in the last few days and so long as you don't have a moral problem with owning a tobacco stock, I think this is a buying opportunity.

MHN, is back to a 3% premium.  There has been a rally along with other bond exposures as rates have come down.  I still think muni's offer excellent yield and good return for the risk.  That said, if you have a propensity to trade, this ETF doesn't usually get to a higher premium than that so it would be a relative sell.  I had increased my exposure a bit on the last dip and may just sell what I had purchased but this is just rearranging the chairs rather than a a change in view.

I bought some AAPL on the earnings dip.  While it can appear cheap and I believe it is a solid company, the hurdle for AAPL is to convince the market it can still grow even from these lofty levels of sales and income.  This is unprecedented territory so we shall see.

Overall my equity exposure is down to 33% which is low against my long term goal of 45%.  

We will continue to get news that moves the market one way or the other.  Have faith in your ideas and buy when we get dips and sell on large rallies.  Keep position sizes small enough to be nimble and large enough to matter.

What I do is have a certain dollar size position for core ideas and another for speculative ideas.  For me, core ideas have a weight around 1.5-2% each (I have 16 of them) while speculative is around .75% (I have 5 of them).

For core, I buy more on dips (LO for example) and for spec it's more about the price level.  For example JCP I think should not get much cheaper than $20, so that is a rough level where I would reconsider my position.  I don't really have a sell point because my thesis is that if we start a recovery, they will do well in the holiday season.