Buyer's Caution Enjoy your summer.
We've shifted our bias down to Buyer's Caution as multiple distribution days, a lack of leadership and an expected seasonal shift in sentiment appear to have set in for awhile. This is our first bias shift all year. We're happy to have been on the right side of the market for the last six months despite staying on the lookout for a 5% pullback in the major indexes.
Enjoy your summer.