First off, we have futures lower by almost two percent. I've been expecting a correction now for awhile, and maybe this is the start. I'm not overly bearish, but rather feel stocks have gone too far, too fast. Thus, I'll be looking to buy some stocks if we get the opportunity at better prices. For that, we'll have to wait and see a little.
At the end of the week, the quarterly filings came in and there were a couple of things that jumped out at me. A few fund managers I follow are clearly growing more cautious. Many were trimming stakes in their larger positions. David Einhorn of Greenlight capital bought some puts for the S&P and GE. He also added a lot of shares to his Pfizer and Wyeth stakes, although that could be tied to some arbitrage on the pending acquisition. Warren Buffet moved into a more defensive position, adding to his Johnson and Johnson stake. We can't read too far into these filings as these stocks could already be sold, but its nice to spot any trends out there, and see what their core holdings are.
Should be an interesting week ahead. A quick wrap up on the PGA Championship. Congrats to Y.E. Yang, as he deserved it. The chip in on 14 was a little flukey, but that shot on 18 was money. Tiger is a better golfer, but you can't take this one away from Yang. To me, Tiger is so used to the field wilting to him that it was nice to see this. I was excited when Yang eagled 14 because I thought, "good, lets make Tiger win by pulling out some birdies, not just two-putting in." Oh well.