Smart money is getting defensive. Bonds are putting in a nice base and setting up well. The stock market is very overbought and we are getting close to a seasonally very weak period for the stock market. The dollar is also showing some bottoming action and this too is a sign that smart money is getting defensive. If this August, September and October period is like past times when the market is this extended then you’ll want to follow the smart money. Cash may soon be king again.
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