The VIX is up to a level where the market starts to sell off, but the selling hasn't occurred yet. I am not sure I understand the implications of this.

The 10Y rate ticked up again today, and it is very close to breaking out.

The strong stock market has sucked me back in a bit… both yesterday and today. I am now 66% stocks, 31% fixed income and 3% cash. Since I am feeling cautious about stocks, I think I should be at least 40% fixed income.

The Long-Term Leader List

I am working on revamping this section.

Outlook Summary:

The gains in the stock market have been too much and too easy. Time to be more defensive.

The long-term outlook is positive.
The medium-term trend is up.
The short-term trend is up.