Institutional (dumb money) is still light. This has been a market led by retail.

Everyone is talking bubble and sentiment isn’t really that great. That’s a good thing. We haven’t reached the euphoria that we should truly fear. Those institutions are gonna have to get off the sidelines cause their results will be lagging.

Leverage really isn’t that great by some measures. When leverage is cranked then you worry.

When the Fed cuts rates near an all time high history has shown the next 12 months really rock. Don’t forget, your dollar is worth less. So what are we really gaining? Is it really too high?

I love a good selloff more than most. You make more money in a shorter amount of time. But everything is in a bubble. When everything is a bubble there is no bubble.

Somewhere out there a black swan is leaving its nest. Let’s give him time. Until then ….