I have entered into a small GLD position @124.18.  I am persuaded by the very public position dumping by big hedge funds.  At some point in the future, there will be an inflation scare (and perhaps more than a scare).  I'm not much of a chart person, but it seems to me that the pullback has brought gold to it's previous trend line.  So, to me, it seems a reasonable buy.  I will start small and look to build a position.  I have not decided on a percentage weight yet.

Those who know me will recognize this as a big departure from my usual stance.  I have not been a fan of gold.  However, the market works in "mysterious ways" and who am I to judge?  I often find myself "fighting the tape" in Wall Street parlance and it tends to cost me money.

I am resolving to be better about that.

I have also sold a bit more S&P futures which brings my exposure down to about 21%.  I have been losing this month as stocks are up over 2%.  I think there will be a pullback where I can buy back the hedge, having protected gains in the meantime.