an tSionna {SPY}

Different chart look as my normal program is on the fritz this am.  That's a multiyear breakout folks {although futures are down this morning}.  Irrespective of our slightly more cautious stance, we have to respect this action. 

A lot of blocking and tackling this week.  Fed meets later this week, Dutch elections, German Supreme Court, maybe companies start to pre-announce punk earnings?  Who knows.  But markets have continued to climb this same wall of worry and maybe we're just going to ride this into the end of the year.  

As I write this I am conscious that this sounds a bit more bullish than I'm currently feeling.  I have a more neutral view of markets right now and that has lead over the past few weeks for us to raise some cash in most client accounts.  On average we carry 10-15% cash right now, up from 5-8% earlier in the summer.  That is by no means a bearish setup for us but it is also not the bullish posture we were feeling earlier in the summer when stocks traded at about 11 times 2012 earnings.  

Right now I'm pretty content to stay the course and see what happens. We will see and of course we have the defensive pages of game plan and playbook ready, but stocks seem better to buy right now against all expectations.  

Chart courtesy of Finviz.com

*Long ETFs related to the S&P 500 in client and personal accounts.