4th Day Full Spring...Cutting back on XIV.
TBF now at a 25% position of a possible 66.6% position for total portfolio.
Runners: TBX (stalking horse) in 6th, with the five race field, from last to first)
TBX, JNK, JNK, JNK, JNK.
The fifth place TBX is causing me to cut back from a full 1% position in XIV to .60%
I base the logic on net JNK. One TBX takes out one JNK, leaving three JNK net or 3/5 = .60%
Going back to 2013... a period of full spring, when TBX bested JNK XIV didn't do well at all. The rising interest rate hurt all bonds (other than shorts) driving up yield with stock prices following bond prices lower and XIV falling.
