Stutter Steps

Tuesday's big sell-off on higher volume scared quite a few people out of the market.  By Wednesday many of the shares sold were back up... and now in someone else's portfolio. Today, Thursday, the markets opened up slightly.

We see the market is, once again, bumping into all-time high levels.  It's a natural thing for them to stutter at this point.  Every time this happens people look for a reason for the selling.  Those reasons this year have almost always been political-- thwarted domestic policy and scary geopolitical issues mainly.  The reasons cited have not been bad profit reports, failing business, or too tight monetary policy.  We find that telling and are, for now, still 100% invested in Index ETFs with basically zero in cash.

That said, the number of recent trading days that saw selling on high volume (AKA: Distribution) are high.  That is NOT a bullish sign.  Which is to say, we are all-in but not blind to danger.