The attached charts express the state of the markets: melting up. At the same time the commentariat is gnattering about the coming bear market. If we kept records of these people (with a penalty of shooting for bad forecasting ) we would run out of ammunition. It reminds one of the old zen axiom: those who speak do not know and those who know do not speak.
We see no immediate sign of a top. We also see many toppy behaviors. Frothy, but we don’t see the technical signs of a change of trend. As for example broken trend lines.
But then we are living in a psychoid time. We would not be buying at present–if anything lightening up our portfolio instead. This last arises for us because of deep paranoia. No evidence to show. Just age-old instinct.
Stay safe and keep your eye on the market.
NOTE: technical problems with our website has made it impossible to email our letters so the letter must be read on the website for the moment. Repairs are under way.