It is not clear whether the anticipation of fishing is more exiting, or the actual escape to fish and just be with nature that draws me. It is my time to recharge. So, what has this got to with the market?
The seasonally strong period recently ended. The market has been explosive the last year. It is due a rest, a time to recharge. That does not mean it must go down. It could be more of a sideways move. The direction of the rest will be determined in the following weeks. It is unknown even to the most astute observers. However, there are times to be more assertive, and times to be more cautious. We feel that now is a time to be more cautious. The longer picture, “you know we are in a Bull market?” as old Turkey said in “Remanences of a Stock Market Operator”.
Investing is best in a Bull market. The economy is well on its way to recovery. We will continue to look for opportunities as they present themselves. As for the trout, the opportunity will hopefully materialize in the “Mother’s Day Hatch” of the Caddis in Northern Arkansas. It will be there that they will have the temptation to try my fly presentation. Maybe I will be lucky?
Enjoy the day…r2
p. s. Something big coming (cue the “Jaws” music), soon.