The dollar is up. Oil is up; copper is down. Gold and silver are down. Bonds are down.
I’ve sounded like a broken record lately…saying I like the market long term (I really do), but I don’t like it in the near term (I don’t).
I call it as I see it. There’s been enough beneath-the-surface deterioration that combined with the rotation of money into safe-havens and the gains in place, I could conclude the easy money had been made and a rest was needed.
Yesterday the Russell 2000 small caps closed at its lowest level in 3 weeks. Anyone looking for a local top has had their patience tested. I’m one of them. Oh well. The market operates on its own schedule. If that means I have to sit tight and wait for the next round of opportunities, so be it. Sometimes not being super aggressive is the best course of action.