Source: Zero Hedge
“This Is Nuts!”, Part Deux Authored by Lance Roberts via RealInvestmentAdvice.com, In this past weekend’s newsletter, we discussed the exceedingly deviated price, and overbought conditions, not to mention valuations, as key reasons why we slightly reduced risk in our portfolios. “On Friday, we began the orderly process of reducing exposure in our portfolios to take in profits, reduce portfolio risk, and raise cash levels. In the Equity Portfolios, we reduced our weightings in some of our more extended holdings such as Apple (AAPL,) Microsoft ( MSFT ), United Healthcare ( UNH ), Johnson & Johnson ( JNJ ), and Micron (MU.) In the ETF Sector Rotation Portfolio, we reduced our overweight positions in Technology (XLK), Healthcare (XLV), Mortgage Real Estate (REM), Communications (XLC), Discretionary (XLY) back to portfolio weightings for now.” Not surprisingly, I received more than a few emails chastising me for “bailing on the bull market, which is clearly going higher.” Such is hardly the case.