Money manager Barry Ritholtz, who called the market bottom and subsequent rally, has now sold all his stocks and is looking for things to short.
Ritholtz says that Greece and the euro zone had nothing to do with his tactical rebalancing.
"This was strictly a technical call — market internals, sentiment, duration of rally, volume were amongst the factors that came in," he writes in his blog.
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"This is not an end of primary trend expectation — rather, it is looking at the potential of a secondary trend."
"Ideally, if we get lucky, we will see a rally ... with deteriorating characteristics — that sets up a better entry for shorting new positions."
Ritholtz notes he had a very good first quarter with a handful of strong positions that included Eastman Kodak, MGM the New York Times, Thoratec Corporation and, Citigroup, so some of the thinking behind his move was locking in a profitable first half of the year.
“We can now look be very selective in identifying trading opportunities,” Ritholtz says.
The New York Times reports that a number of U.S. lawmakers who publicly criticized Wall Street practices such as short-selling bet on a decline in stock markets in 2008, according to an analysis of their and their spouses’ financial disclosures conducted by The Wall Street Journal.
The data on which the study was based was gathered by the Center For Responsive Politics.
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