While markets may make another push higher, we decided to book some profits in silver (SLV), copper (JJC), Italy (EWI), Spain (EWP), and the Euro STOXX 50 (FEZ). The short-term risk-reward in many markets is either unfavorable or hard to define. Should markets push higher in a convincing manner, we are happy to redeploy some cash. For now, we are comfortable having less exposure to risk. If markets push higher in an unconvincing manner, we will consider further risk reduction. Maximum flexibility remains part of the plan.