Happy New Year

This year marks my 32nd year in the industry and I’ve not seen a year enter with so much bullishness. Such optimism is a bit disconcerting (I’d much prefer to see Jan 2009 sentiment) and any surprises, especially early in the year will likely be to the downside. A number of world indexes have broken under their 200 day ma again and should the US waver, those markets are likely going to get hit hard.

While the US is above the 200, we’re still in a strong bull market. Whether it’s the latter stage will soon be determined but while it’s rising we’ll continue to focus on the long side.

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