There’s no question the bulls have the upper hand in this market. Granted, since the February 2018 “warning shot” and the volatility that’s come after, we’re not seeing the same kind of wild abandon that drove the Dow 25% higher in 2017. Until then, it made good sense to be long and buy into the dips.
That’s not the case anymore. And in fact, if you’ve adhered to my recommendations, you’re sitting on a nice, safe, headache-free 60% or 70% cash position by now.
Largely, we’ve been in “meat grinder” mode. The markets get locked into a trading range, chopping and churning… and “chewing” traders up.
Still, there is a maddeningly (for me) persistent bid under stocks that defies gravity and reality.
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