Hitting the wall

I really expected more low volume upmoves in the market but it appears to be hitting a wall of caution...well earned caution, I'd say.

We now have a short position in REIT's via SRS...not a big one, but it sure looks promising so far.

Also took profits in our little swing trade in IDU (utilities), because frankly I think there is the possibility of some downside testing, and I'd rather use whatever cash to defend the names I still like.

Also we've been in RWM (short smallcaps) for a few days, again for hedging purposes.

Oil stocks are hitting a wave of profit taking (finally, considering USO's been taking it on the chin for a couple of days now). I still think the long term outlook for crude is bullish, but it's not a buy just yet.

Looks like we're going to limp into the weekend. The portfolio has been acting well though.