Saturday, September 4th, 2010

2010 – In Progress

Presented only for historical overview:

TODAY’S GAME PLAN …

April 30, 2010, 6:30 am EDT —  The ^RUT index closed at 737.74. Use 741.92 as secondary resistance before reducing cash position.

April 29, 2010, 6:30 am EDT —  The ^RUT index closed at 722.39.

April 28, 2010, 6:30 am EDT —  The ^RUT index closed at 721.27. Maintain 35% cash position. JB Fund portfolio well position for further setback.

April 27, 2010, 6:30 am EDT —  The ^RUT index closed at 738.86.

April 26, 2010, 6:30 am EDT —  The ^RUT index closed at 741.92. Change resistance to 795.15 and support at 707.20.

April 23, 2010, 6:30 am EDT —  The ^RUT index closed at 734.31.

April 22, 2010, 6:30 am EDT —  The ^RUT index closed at 726.19. Retain defensive, even as the index works higher. Consolidation is overdue.  JB Fund portfolio well position for any setback.

April 21, 2010, 6:30 am EDT —  The ^RUT index closed at 721.55. Maintain cash position.

April 20, 2010, 6:30 am EDT —  The ^RUT index closed at 711.40. Not the time to get aggressive — keep your powder dry, at least for now.

April 19, 2010, 6:30 am EDT —  The ^RUT index closed at 714.62. Reduce JB Trader portfolio by additional 30% on valuations — reduce laggards, and take profits.

April 16, 2010, 6:30 am EDT —  The ^RUT index closed at 724.21. Change support to 693.90 and near term test likely.

April 15, 2010, 6:30 am EDT —  The ^RUT index closed at 722.40.

April 14, 2010, 6:30 am EDT —  The ^RUT index closed at 707.03. Key upside test at 715.05 — prudent view necessary. Dow futures were up 22 points, or 0.2 percent, at 10,985 while the broader Standard & Poor’s 500 futures were 2.6 points, or 0.2 percent, at 1,195.70.

April 13, 2010, 6:30 am EDT —  The ^RUT index closed at 705.06. With 715.05 as resistance close at hand, and the need to preserve profits, considering incrasing cash position another 15 percent, while closing out  laggards and taking profits (even below EXIT POINTS) on select positions.

April 12, 2010, 7:00 am EDT —  The ^RUT index closed at 702.95. Use 715.05 as resistance,  and  change support to  651.90 .

April 9, 2010, 7:00 am EDT —  The ^RUT index closed at 699.64. Use 715.05 as resistance,  and  change support to  651.90 .  Maintain upside bias, while carrying 15% cash position.

April 8, 2010, 7:00 am EDT —  The ^RUT index closed at 699.46. Increase cash position 5% more to 20% by reducing laggards and taking profits on positions at or near Exit Points. Ahead of the opening bell, Dow Jones industrial average futures fell 44, or 0.4 percent, to 10,805. Standard & Poor’s 500 index futures dropped 5.20, or 0.4 percent, to 1,173.80, while Nasdaq 100 index futures fell 6.25, or 0.4 percent, to 1,968.75.

April 7, 2010, 7:00 am EDT —  The ^RUT index closed at 701.48. Use 715.05 as resistance, last held on July 7, 2008 and support at  639.61 last held on January 20, 2010.  Maintain upside bias, while carrying 15% cash position.

April 6, 2010, 7:00 am EDT —  The ^RUT index closed at 697.65. Ahead of the opening bell, Dow Jones industrial average futures fell 12, or 0.1 percent, to 10,897. Standard & Poor’s 500 index futures dropped 2.30, or 0.2 percent, to 1,180.80, while Nasdaq 100 index futures fell 4.00, or 0.2 percent, to 1,969.50.

April 5, 2010, 7:00 am EDT —  The ^RUT index closed at 683.98. Use 715.05 as resistance, last held on July 7, 2008 and support at  639.61 last held on January 20, 2010.  Maintain upside bias, while carrying 15% cash position.

April 1, 2010, 7:00 am EDT —  The ^RUT index closed at 678.64. Stock futures are rising Thursday on new signs of economic growth worldwide.

March 31, 2010, 7:00 am EDT —  The ^RUT index closed at 683.94. A suggested, maintain 15% cash position.

Ahead of the opening bell, Dow Jones industrial average futures fell 11, or 0.1 percent, to 10,843. Standard & Poor’s 500 index futures fell 1.10, or 0.1 percent, to 1,168.30, while Nasdaq 100 index futures fell 3.50, or 0.2 percent, to 1,962.00. Volume is expected to remain light during the holiday week, which could exaggerate moves. The market will be closed on Friday for Good Friday and some traders have taken off for Passover.

March 30, 2010, 7:00 am EDT —  The ^RUT index closed at 682.25. Ahead of the opening bell, Dow Jones industrial average futures rose 21, or 0.2 percent, to 10,850. Standard & Poor’s 500 index futures rose 2.80, or 0.2 percent, to 1,171.60, while Nasdaq 100 index futures rose 5.50, or 0.3 percent, to 1,965.75.

March 29, 2010, 7:00 am EDT —  The ^RUT index closed at 678.97. Stock futures are rising Monday as investors grow more comfortable about a global economic recovery.

March 26, 2010, 7:00 am EDT —  The ^RUT index closed at 679.10. Ahead of the opening bell, Dow Jones industrial average futures rose 27, or 0.3 percent, to 10,818. Standard & Poor’s 500 index futures rose 3.00, or 0.3 percent, to 1,165.70, while Nasdaq 100 index futures rose 6.25, or 0.3 percent, to 1,955.75.

March 25, 2010, 7:00 am EDT —  The ^RUT index closed at 683.68. Ahead of the opening bell, Dow Jones industrial average futures rose 39, or 0.4 percent, to 10,8260. Standard & Poor’s 500 index futures rose 5.20, or 0.5 percent, to 1,169.80, while Nasdaq 100 index futures rose 7.50, or 0.4 percent, to 1,959.00.

March 24, 2010, 7:00 am EDT —  The ^RUT index closed at 690.30. Increase cash position by five-percent, reduce laggards and use EXIT POINTS to take profits. Ahead of the opening bell, Dow Jones industrial average futures fell 28, or 0.3 percent, to 10,800. Standard & Poor’s 500 index futures dropped 4.00, or 0.3 percent, to 1,165.60, while Nasdaq 100 index futures fell 6.75, or 0.3 percent, to 1,955.50.

March 23, 2010, 7:00 am EDT —  The ^RUT index closed at 682.91. Ahead of the opening bell, Dow Jones industrial average futures rose 15, or 0.1 percent, to 10,742. Standard & Poor’s 500 index futures rose 1.70, or 0.2 percent, to 1,163.70, while Nasdaq 100 index futures rose 3.00, or 0.2 percent, to 1,951.50.

March 22, 2010, 7:00 am EDT —  The ^RUT index closed at 673.89. Take profits, reduce laggards by increasing cash 15-percent. Ahead of the opening bell, Dow Jones industrial average futures fell 59, or 0.6 percent, to 10,628. Standard & Poor’s 500 index futures dropped 8.20, or 0.7 percent, to 1,148.10, while Nasdaq 100 index futures fell 11.00, or 0.6 percent, to 1,921.25.

March 19, 2010, 7:00 am EDT —  The ^RUT index closed at 681.61. Ahead of the market opening, Dow Jones industrial average futures rose 9, or 0.1 percent, to 10,726. Standard & Poor’s 500 index futures rose 1.10, or 0.1 percent, to 1,162.40, while Nasdaq 100 index futures fell 0.25, or less than 0.1 percent, to 1,941.50.

March 18, 2010, 7:00 am EDT —  The ^RUT index closed at 683.98. Ahead of the opening bell, Dow Jones industrial average futures fell 1, or less than 0.1 percent, to 10,662. Standard & Poor’s 500 index futures fell 1.60, or 0.1 percent, to 1,159.40, while Nasdaq 100 index futures fell 3.00, or 0.2 percent, to 1,931.00.

March 17, 2010, 7:00 am EDT —  The ^RUT index closed at 679.58. Ahead of the opening bell, Dow Jones industrial average futures rose 26, or 0.2 percent, to 10,650. Standard & Poor’s 500 index futures rose 3.10, or 0.3 percent, to 1,157.90, while Nasdaq 100 index futures rose 5.00, or 0.3 percent, to 1,933.50.

March 16, 2010, 7:00 am EDT —  The ^RUT index closed at 674.40. Profits were taken yesterday from liquidation of three positions and adding one, while reducing  overall portfolio positions. However, with enhanced valuation from the portfolio’s performance, net cash position increased by 23 percent. Ahead of the opening bell Tuesday, Dow Jones industrial average futures rose 14, or 0.1 percent, to 10,590. Standard & Poor’s 500 index futures rose 1.60, or 0.1 percent, to 1,147.30, while Nasdaq 100 index futures rose 4.25, or 0.2 percent, to 1,921.25.

March 15, 2010, 7:00 am EDT —  The ^RUT index closed at 676.59. Time to take profits, reduce or eliminate laggards. Increase cash position by 15%. Ahead of the opening bell, Dow Jones industrial average futures fell 31, or 0.3 percent, to 10,542. Standard & Poor’s 500 index futures dropped 4.50, or 0.4 percent, to 1,142.10, while Nasdaq 100 index futures fell 7.25, or 0.4 percent, to 1,917.00.

March 12, 2010, 7:00 am EST —  The ^RUT index closed at 677.22. Ahead of the opening bell, Dow Jones industrial average futures rose 13, or 0.1 percent, to 10,631. Standard & Poor’s 500 index futures rose 1.60, or 0.2 percent, to 1,147.50, while Nasdaq 100 index futures rose 2.00, or 0.1 percent, to 1,924.50. Any inkling of positive news may be exactly what the market needs. A rally in financial stocks Thursday helped the market extend their weekly gains. The Dow and S&P 500 have been hovering near 15-month highs, but investors haven’t been in a rush to send those indexes any higher.

March 11, 2010, 7:00 am EST —  The ^RUT index closed at 674.93.   At neat term resistance — consider reduce positions by 10%, take profits and replace laggards with cash. Ahead of the opening bell, Dow Jones industrial average futures fell 18, or 0.2 percent, to 10,547. Standard & Poor’s 500 index futures fell 3.40, or 0.3 percent, to 1,142.30, while Nasdaq 100 index futures fell 1.25, or 0.1 percent, to 1,917.50.

March 10, 2010, 7:00 am EST —  The ^RUT index closed at 669.63. Ahead of the opening bell, Dow Jones industrial average futures rose 10, or 0.1 percent, to 10,574. Standard & Poor’s 500 index futures rose 1.20, or 0.1 percent, to 1,141.70, while Nasdaq 100 index futures rose 4.25, or 0.2 percent, to 1,905.50.

March 9, 2010, 7:00 am EST —  The ^RUT index closed at 667.11. Ahead of the opening bell, Dow Jones industrial average futures fell 26, or 0.3 percent, to 10,512. Standard & Poor’s 500 index futures fell 4.10, or 0.4 percent, to 1,133.00, while Nasdaq 100 index futures fell 6.00, or 0.3 percent, to 1,882.25.

March 8, 2010, 7:00 am EST —  The ^RUT index closed at 666.02. Ahead of the opening bell, Dow Jones industrial average futures rose 1, or less than 0.1 percent, to 10,546. Standard & Poor’s 500 index futures rose 0.30, or less than 0.1 percent, to 1,136.20, while Nasdaq 100 index futures fell 1.75, or 0.1 percent, to 1,883.75.

March 5, 2010, 7:00 am EST —  The ^RUT index closed at 652.47. The rise in futures trading on top of a late-day rally in stocks Thursday indicates that investors are optimistic the jobs report will show at least small signs of improvement. Jobs growth is fundamental to a recovery because it puts money in more workers pockets, allowing them to increase spending. Consumer spending accounts for about 70 percent of economic activity.

March 4, 2010, 7:00 am EST —  The ^RUT index closed at 649.26. Ahead of the opening bell, Dow Jones industrial average futures rose 4, or less than 0.1 percent, to 10,391. Standard & Poor’s 500 index futures fell 0.10, or less than 0.1 percent, to 1,118.50, while Nasdaq 100 index futures rose 0.50, or less than 0.1 percent, to 1,852.50.

March 3, 2010, 7:00 am EST —  The ^RUT index closed at 648.31. Ahead of the opening bell, Dow Jones industrial average futures rose 10, or 0.1 percent, to 10,409. Standard & Poor’s 500 index futures rose 1.50, or 0.1 percent, to 1,118.90, while Nasdaq 100 index futures rose 1.75, or 0.1 percent, to 1,854.00. … Federal Reserve releases its beige book report at 2 p.m. EST on  regional economic activity.

March 2, 2010, 7:00 am EST —  The ^RUT index closed at 642.65. Ahead of the opening bell, Dow Jones industrial average futures rose 46, or 0.4 percent, to 10,431. Standard & Poor’s 500 index futures rose 5.70, or 0.5 percent, to 1,120.30, while Nasdaq 100 index futures rose 8.75, or 0.5 percent, to 1,851.50.

March 1, 2010, 7:00 am EST —  The ^RUT index closed at 628.56. Ahead of the opening bell, Dow Jones industrial average futures rose 37, or 0.4 percent, to 10,348. Standard & Poor’s 500 index futures rose 3.80, or 0.3 percent, to 1,107.20, while Nasdaq 100 index futures rose 5.75, or 0.3 percent, to 1,824.25.

February 26, 2010, 7:00 am EST —  The ^RUT index closed at 630.46. Stock futures are little changed ahead of the latest figures on the nation’s economic output for the end of 2009. The modest shift in futures early Friday comes a day after stocks fell but ended well off their lows. Investors are cautious ahead of the latest figures on gross domestic product, which is the broadest measure of the economy. Economists expect that government’s estimate of GDP for the October-December quarter will remain unchanged at 5.7 percent. The report is due at 8:30 a.m. EST. Dow Jones industrial average futures are up 26 at 10,342. Standard & Poor’s 500 index futures are up 0.90 at 1,103.20. Nasdaq 100 index futures are down 0.50 at 1,813.00.

February 25, 2010, 7:00 am EST —  The ^RUT index closed at 630.43. Ahead of the opening bell, Dow Jones industrial average futures fell 41, or 0.4 percent, to 10,314. Standard & Poor’s 500 index futures dropped 5.40, or 0.5 percent, to 1,098.20, while Nasdaq 100 index futures fell 7.75, or 0.4 percent, to 1,806.25. Stocks snapped a two-day losing streak on Wednesday after investors received the reassurance they wanted from Federal Reserve chairman Ben Bernanke. During semiannual testimony before Congress, Bernanke reaffirmed the Fed’s plans to keep interest rates low to help strengthen the economy. He testifies again Thursday.

February 24, 2010, 7:00 am EST —  The ^RUT index closed at 625.07. Ahead of the opening bell Wednesday, Dow Jones industrial average futures rose 5, or 0.1 percent, to 10,304. Standard & Poor’s 500 index futures rose 0.10, or less than 0.1 percent, to 1,097.30, while Nasdaq 100 index futures rose 4.00, or 0.2 percent, to 1,805.00.

February 23, 2010, 7:00 am EST —  The ^RUT index closed at 625.25. Ahead of the opening bell, Dow Jones industrial average futures fell 27, or 0.3 percent, to 10,347. Standard & Poor’s 500 index futures fell 3.50, or 0.3 percent, to 1,104.00, while Nasdaq 100 index futures dropped 5.75, or 0.3 percent, to 1,815.25.

February 22, 2010, 7:00 am EST —  The ^RUT index closed at 631.62. Ahead of the opening bell, Dow Jones industrial average futures rose 19, or 0.2 percent, to 10,397. Standard & Poor’s 500 index futures rose 1.60, or 0.1 percent, to 1,107.80, while Nasdaq 100 index futures rose 7.00, or 0.4 percent, to 1,826.25. The government and trade groups will also release reports on home prices and sales, consumer confidence, durable goods orders and weekly unemployment claims throughout the week. Economists predict reports on home prices and sales of both new and existing homes should show the sector is continuing to stabilize. A collapse in home prices and sales helped push the economy into recession. Durable goods orders likely grew again in January, pointing to a continued recovery in the industrial sector, which has consistently shown growth in recent months. First-time claims for unemployment benefits likely fell last week. High unemployment remains one of the biggest obstacles to a strong, sustainable recovery. Investors believe job growth is necessary to help further strengthening consumer confidence and spending.

February 19, 2010, 7:00 am EST —  The ^RUT index closed at 629.32.  Reduce portfolio by 10% — eliminate laggards and take profits. Asian stocks were down nearly 2 percent in earlier trading and the dollar, which is supported by higher interest rates, extended its advance. European markets were mixed. Dow Jones industrial average futures fell 55, or 0.6 percent, to 10,318. Standard & Poor’s 500 index futures dropped 8.00, or 0.7 percent, at 1,097.60, while Nasdaq 100 index futures fell 9.25, or 0.5 percent, at 1,811.50.

February 18, 2010, 7:00 am EST —  The ^RUT index closed at 624.83. Ahead of the opening bell, Dow Jones industrial average futures fell 9, or 0.1 percent, to 10,287. Standard & Poor’s 500 index futures dropped 1.60, or 0.2 percent, to 1,098.00, while Nasdaq 100 index futures rose 1.75, or 0.1 percent, to 1,813.50.

February 17, 2010 , 7:30  am EST -The ^RUT index closed at 620.84. Ahead of the opening bell, Dow Jones industrial average futures rose 34, or 0.3 percent, to 10,275. Standard & Poor’s 500 index futures rose 5.30, or 0.5 percent, to 1,098.50, while Nasdaq 100 index futures rose 5.25, or 0.3 percent, to 1,804.50.

February 16, 2010 , 7:30  am EST -The ^RUT index closed at 610.72. Ahead of the opening bell, Dow Jones industrial average futures rose 28, or 0.3 percent, to 10,145. Standard & Poor’s 500 index futures rose 4.20, or 0.4 percent, to 1,083.30, while Nasdaq 100 index futures rose 6.25, or 0.4 percent, to 1,789.50. Investors looking for signs of how the U.S. economy is performing will get plenty of reports throughout the holiday-shortened week. The market was closed Monday for President’s Day.

February 12, 2010 , 7:30  am EST -The ^RUT index closed at 604.46. Ahead of the opening bell, Dow Jones industrial average futures fell 63, or 0.6 percent, to 10,047. Standard & Poor’s 500 index futures fell 7.70, or 0.7 percent, to 1,068.90, while Nasdaq 100 index futures fell 13.00, or 0.7 percent, to 1,762.50.

February 11, 2010 , 7:30  am EST -The ^RUT index closed at 595.82. Ahead of the opening bell, Dow Jones industrial average futures rose 47, or 0.5 percent, to 10,034. Standard & Poor’s 500 index futures rose 6.00, or 0.6 percent, to 1,069.30, while Nasdaq 100 index futures rose 1.25, or 0.1 percent, to 1,746.00. Investors will also be closely watching Labor Department’s weekly unemployment report. Economists polled by Thomson Reuters forecast the number of people applying for unemployment benefits fell last week by 15,000 to a seasonally adjusted 465,000.

February 10, 2010 , 7:30  am EST -The ^RUT index closed at 595.17. S&P 500 futures rose 4.4 points to 1,070.60 and Nasdaq 100 futures added 9 points to 1,761.00. Futures on the Dow Jones Industrial Average climbed 37 points

February 9, 2010 , 7:30  am EST -The ^RUT index closed at 586.49. Maintain support at  554.30 and resistance at 620.15.  The close below 592.50 warrants to reducing the JB portfolio by 15%. into strength. Ahead of the opening bell, Dow Jones industrial average futures rose 36, or 0.4 percent, to 9,931. Standard & Poor’s 500 index futures rose 5.60, or 0.5 percent, to 1,061.50, while Nasdaq 100 index futures rose 12.50, or 0.7 percent, to 1,747.00.

February 8, 2010 , 7:30  am EST -The ^RUT index closed at 592.98. Maintain support at  554.30 and resistance at 620.15. A close below 592.50 suggests  reducing the JB portfolio by 15%. Ahead of the opening bell, Dow Jones industrial average futures fell 7, or 0.1 percent, to 9,934. Standard & Poor’s 500 index futures fell 0.90, or 0.1 percent, to 1,058.90, while Nasdaq 100 index futures fell 1.50, or 0.1 percent, to 1,743.50.

February 5, 2010 , 7:30  am EST -The ^RUT index closed at 589.68. Change  support to  554.30 and maintain resistance at 620.15.The move below 592.50 suggest if the index doesn’t close above that number, consider reducing the JB portfolio by 15%. … Ahead of the opening bell, Dow Jones industrial average futures fell 39, or 0.4 percent, to 9,940. Standard & Poor’s 500 index futures dropped 4.40, or 0.4 percent, to 1,057.30, while Nasdaq 100 index futures rose 0.50, or less than 0.1 percent, to 1,735.25.

February 4, 2010 , 7:30  am EST -The ^RUT index closed at 610.66.  Use support at 592.50 and resistance at 620.15. Ahead of the opening bell, Dow Jones industrial average futures fell 44, or 0.4 percent, to 10,197. Standard & Poor’s 500 index futures fell 5.20, or 0.5 percent, to 1,091.20, while Nasdaq 100 index futures dropped 9.50, or 0.5 percent, to 1,776.00. …  European markets tumbled Thursday as concerns swirl around debt-plagued countries, particularly in Greece, Spain and Portugal. The fresh concerns come as the European Central Bank is expected to keep a key interest rate at 1 percent. The euro hit a seven-month low against the dollar. A stronger dollar can drag down stocks in the U.S. because it hurts companies that have large international operations.

February 3, 2010 , 7:30  am EST -The ^RUT index closed at 614.05.  Use support at 592.50 and resistance at 620.15. Stock index futures briefly moved higher then turned negative on Wednesday after the ADP national employment report showed the private sector shed fewer jobs than expected in January. S&P 500 futures fell 1.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures declined 16 points, and Nasdaq 100 futures were off 1.25 points.

February 2, 2010 , 7:30  am EST -The ^RUT index closed at 609.25.  Use support at 592.50 and resistance at 620.15. U.S. stock futures are expected to open higher Tuesday, with investors eying pending home-sales data for direction. More than two hours before the start of trading, Dow Jones Industrial Average futures were 33 points higher at 10170. The S&P 500 futures advanced 3.3 points to 1089.6 and Nasdaq 100 futures gained 4.25 points to 1760. Changes in futures do not always accurately predict early market moves after the opening bell.

February 1, 2010 , 7:30  am EST -The ^RUT index closed at 602.04. Use support at 592.50 and resistance at 620.15. Dow Jones industrial average futures rose 38, or 0.4 percent, to 10,055. Standard & Poor’s 500 index futures rose 4.00, or 0.4 percent, to 1,074.40, while Nasdaq 100 index futures rose 5.25, or 0.3 percent, to 1,744.50. … Stocks ended a disappointing January with a loss as worries about future economic growth and company profits weighed on investors. The Dow fell 0.5 percent on Friday, and is now down 6.1 percent since reaching its 15-month high of 10,725.43 on Jan. 19.

Apri1 22, 2010, 6:30 am EDT — .The Standard & Poor’s 500 index futures down 4.90 to 1295.10, as Blankfein got his flunks sniveling that the government is picking on Goodman Sachs and destroying the stock markets. Not true, but got the Asians taking a careful look, as markets sank as much as 2 percent after ending the previous session up, though recouped some of their losses later in the day. Oil prices were trading near $84 a barrel, while the dollar weakened against the yen and the euro. … Meanwhile, the Greeks are at it again. Investors grew more cautious after Greece’s borrowing costs jumped to record highs Wednesday as the government began crucial talks on the details of a rescue package orchestrated by the eurozone and the International Monetary Fund. The country’s debt woes have raised fears of a contagion and dragged Europe’s shared currency sharply lower in recent months. “The situation deteriorated overnight, and it’s quite negative for sentiment,” said Tim Condon, head of Asia research for ING Financial Markets in Singapore. “Underlying is this anxiety about what’s going to happen in Greece. The IMF program is not the silver bullet people expected and hoped for, and the downside could be very steep.” … In currencies, the dollar was changing hands at 93.11 yen, down from 93.15 the previous day, while the euro was at $1.3413 from $1.3383. Oil prices rose toward the end of the session in Asia, with the benchmark contract up 11 cents at $83.79. The contract gave up 17 cents overnight. … Maintain S&P 500 index support at 1171.00 and resistance at 1228.81. While Stockville continue to chase earnings expectations, the underlying current suggests the game is changing. For the past 12-months Dartline has warned that the recovery won’t be rapid with unemployment, housing prices and credit issues remain unsettled. But the technical trends cannot be denied — go against the flow, even as volume remains weak has killed many traders. For now, reduce cash positions by 25 percent and step back until the Goodman noise is decided.