Sold - total cash holdings.
Email from my financial advisor, 30 minutes ago:
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Dear Clients,
A couple of hours after I sent you my email on Wednesday, all major markets dropped well below their 200-day technical support level. Therefore, we have liquidated all of our equity-based positions.
Since the election the President has made two public comments regarding the Fiscal Cliff. Markets declined substantially both times. Meanwhile, Thursday morning the government released dismal employment and inflation numbers. Finally, earnings reports for the third quarter continue to disappoint investors.
The scenario we have watched unfold since the election might best be described as “what can go wrong will go wrong.”
As you know, we regard cash as a viable asset class. Except for a few bond holdings, we will remain in cash for the time being. We have also delayed our purchase of TLT and GLD.
I’ll keep you posted.
Thanks for investing with me.
Keith
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DeGreen Capital Management