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Can you handle a 20% market correction and still have dry powder to buy high-quality shares that will be marked down 20% to 50%? If not, then you need to work on your position sizing and asset allocation.

Look at your portfolio – are you overweight in any one sector or stock?

Have you switched as much as you can from stocks to LEAPS?

If not, then why not?

If you have positions that you are pretty sure you will not hold for more than a year or two and there are LEAPS available, then you should consider a swap to pull cash off the table and still have upside.

Below is a list of questions I ask myself when I look at my portfolio on days like today…

1. Am I properly allocated?
2. If I am holding a stock and not a LEAP security, do I have an adequate stop-loss in place?
3. Can I switch from a stock to a LEAP security to pull cash off the table?
4. Is the reason for owning the stock on Friday still the same today? If so, then I should not be panicking, but instead, I should start thinking about adding to my position.
5. Am I position sized properly?
6. Do I have any downside protection?
7. Has something materially changed in the economy – either from the fiscal side or the monetary side?
8. Do the companies I own have good fundamentals?

This is not a complete list. But it’s a start, and it’s something you should look to. While panic is a strategy, it’s a poor one.

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