Stock market looks very resilient, able to overcome many bad news. Optimism is returning.
Retail sale has been up on consumer strength. Mortgage rate is up too. Gold has been up to highest level for this year.
Some of our holdings are breaking new highs. It has been none-stop since early February.
There is no big concern, but it's important to raise cash at this point. The retail strength noted above could very well be short-lived. So we sold quite a bit of winners, and even started a short position. This sets us up nicely to rotate into the next promising areas.
We hope the upcoming earnings season is going gangbuster. We just don't want to depend on that outcome. If market rises from earnings, we'll benefit; but if vol picks up, or credit risk turns up, or the Fed moves earlier than expected (unlikely) we'll be ready for it.
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