RacerX33's Blog : The Bull in Me is Getting Restless

I don't know how far the market will drop from here, but I'm confident that we will at least dip below $1000 on the S&P. I really don't know whether this will be accompanied by panic selling or not. What I do know is that I want to be ready when the opportunity to start buying again comes.

Here is the current makeup of my portfolio:
37% Un-hedged Long positions
25% Cash
22% RUT & SPX Iron Condors and SPY Butterflies (all slightly short delta)
3.5% Hedged Long positions
2.5% Short

I would like to free up some more cash. I should be able to achieve this over the next three weeks by:
*Selling POT soon (not what it sounds like) - I'm looking for $160
*Closing my TZA call spreads around $40
*Taking off my SPY butterflies around $106
*Depositing some more cash

I estimate that this will free up another 15%-20% of my portfolio.

I've already been finding some great stock on sale lately. I'm trying to be patient, and not rush in too soon. In my next blog post, I'll cover 5 of my favorite bargain picks.