May 16, 2016

Market topped out in May 2015

I remain anticipatory and manifestly bearish and substantially short in my portfolio.

Few stocks represent adequate value to me based on reward vs. risk.

This week's and last week's action continue to signal a large and important market top -- a continuing process that began in May 2015.

I fully expect market technicians to be reactionary in joining my fundamental concerns for an exacta (old horse racing bet/term.)

My advice? As Michael Conrad said in "Hill Street Blues," "Let's be careful out there."