Choppy markets. More careful navigation required. May want to book some of those accrued profits.
The markets are sending up signs of discontent. Greece/Eurozone crisis, flash crash, silent Chinese meltdown, Gulf oil spill, falling interest rates, Euro decline.
I'm looking to a faltering of the Consumer Discretionary sector and SMIDs vs large caps relative performance for signs of trend reversal and changed sentiment/risk appetite. We've seen a few inklings, but no real break, yet.
The summer doldrums could give way to hurricane season, although most of the fundamental action is not likely to play out until 2011.
Strategas reckons we've got the greenlight until fiscal/monetary withdrawal becomes a closer reality. Possibly. That would mean we continue to party in 2010. Time will tell, as they say.
Stay tuned.
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