Market getting hit hard this afternoon. Dow down 300+ as of this post. Support is a few hundred points lower so I image further downside is coming. High Yield not escaping this broad sell off.
I got first wind this would happen few days ago. My post then was the indicators (MACD) were signaling sell even though price was still above the 20 day simple moving average. That was my clue to sell 1/4 of my position or 500 shares to lock in some gain. I am now selling remaining 500 shares reducing me to half position or 1000 shares and large cash position over $20,000. This includes several months of coupon payments plus upside profits from the last buy signal.
I do not short the market in this portfolio. Instead I go to half position or 1000 shares and ride the market wave. This allows me to continue to collect nice coupon payments on the remaining 1000 shares while holding a large cash position to deploy when market conditions improve. Buy and hold timing model you might say.
I qualified for coupon payment on 2000 shares on May 10th. Payment should be approximately $500 payable on May 22nd.