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September Slowdown?


The market was weaker through midday, with the Nasdaq the heaviest index, losing about 1%. I decided to put part of my Micron position back on because the price of DRAMs continues to fall and, despite my desire to be extra careful, given this latest round of monetization, I decided that I was willing to take the risk. My main reason for taking some action was, if a corporate slowdown really did commence in September, as I was musing yesterday, then perhaps that weakness may trump the Fed in the short run, especially considering all those positioned for a second-half rebound.

Back and Forth On the Ups and Downs I realize I have changed my mind on this topic a few times, but this is a really tiny position and sometimes such vacillations are necessary in the investment business (this is actually speculation on my part), especially at turning points. I've been chopped up a lot at both peaks and valleys, so I've learned that being flexible is just part of the process.

Turning back to the action, in the afternoon, the market bounced and with about an hour to go, when I had to leave, the Nasdaq was only about 0.5% lower.

Away from stocks, green paper was a little weaker once again and it is now threatening to violate its 200-day moving average, as well as MSA's important "line in the sand." Fixed income was higher. The precious metals were quiet and basically unchanged while the miners were a little stronger.

Positions in stocks mentioned: short MU.