an tSionna {01.30.15}

Back from the Inside ETFs conference.  Will try to summerize some thoughts about it next week.  In the meantime take a look at the trading range stocks have been locked into since last summer.

The thing most will notice is the increase in volatility we've seen since December.  Some will point to this as a topping pattern in stocks.  It very well might be, however the weight of the evidence does not yet support that conclusion.  Irrespective the overall markets have been in a corrective phase since at least last summer.  Remember stocks can sometimes correct by time as well as price.  Given the tailwinds we're currently seeing in the US economy, it is entirely possible we'll just flop around in some kind of range for a bit.  We'll let our indicators ultimately sort this out for us.

Charts are from Stockcharts.com.

*Long ETFs related to the S&P 500 although positions can change at any time.