As we ready to wave goodbye to May and edge into the summer months, I continue to manicure my personal risk-profile and err to the side of caution. While I've been on the "long energy and metals vs. short tech and financials" bandwagon for a few years, I moved to the sidelines during the parabolic (metal) frolic of April. Last week, into the teeth of the commodity purge, I dipped my toes anew into that trade, buying a slab of Weatherford (WFT : weatherford international ltd com News , chart, profile, more Last: 52.94+0.90+1.73% 12:27pm 06/01/2006 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: WFT52.94, +0.90, +1.7% ) , Golden Star (GSS : Golden Star Resources, Ltd. News , chart, profile, more Last: 2.98-0.03-1.00% 12:27pm 06/01/2006 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: GSS2.98, -0.03, -1.0% ) and Pan American (PAAS : pan american silver corp com News , chart, profile, more Last: 18.70-0.54-2.81% 12:32pm 06/01/2006 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: PAAS18.70, -0.54, -2.8% ) (among others) while slapping on some autumn puts in JP Morgan (JPM : jp morgan chase & co com News , chart, profile, more Last: 43.30+0.66+1.55% 12:27pm 06/01/2006 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: JPM43.30, +0.66, +1.5% ) and Citigroup (C : Citigroup, Inc. News , chart, profile, more Last: 49.60+0.30+0.61% 12:27pm 06/01/2006 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: C49.60, +0.30, +0.6% ) (among others). It's worth noting (and important to say) that while my horizon is longer-term, I aggressively "trade around" those positions depending on my feel for the tape. The moral of my story, I suppose, is that I want to buy the former sectors on dips and sell the latter complex on blips. And I expect that to be the case for a mighty long time.