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Markets are down modestly this morning. CNBC attributes this to “fears the Fed will over-tighten”. That makes sense since most of the gains this month were on hopes the Fed soon would be done. If those hopes fade then markets tend to go down.
There are always other news items to drive markets and right now that includes the Q4 earnings which are rolling in and which tend to include company outlooks as well.
I’ve been light on cash in my accounts and started thinking, what can I lighten up on given the recent gains? So I sold some CWB yesterday that I had picked up at lower prices a couple months ago. I still have lots of Canadian Western Bank (I prefer to spell out company names as a reminder that they are companies and not just trading symbols – I only use the symbols when they are hopefully really obvious like RBC and maybe CWB). I often add (perhaps excessively) to positions when they get cheaper and cheaper and so it makes sense to trim those positions when prices recover. This is in an RRSP account where thee is no concern about triggering income tax on a capital gain.