As we approach the first critical testing point for the current bull run that was discussed earlier this week at 2910 for the S&P 500 it is time to take a step back and pull some cash off the table.
This call doesn't have anything to do with the voracity of this bull run or thoughts of some catastrophic failure in the markets on the horizon. Rather, it has to do with the fact that summers are typically illiquid choppy affairs.
Never mind the fact that this summer we have a Twitter happy President, an unpredictable Fed and the potential for surprising economic data in both directions.
While it doesn't make for any sustainable downside, what it does create are surprise moves that make what has been the biggest rally of 2019 too good to pass up in terms of ringing the cash register.
If you participated in the buying window that opened early this week, don't get too greedy. This is a good spot.
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