Train In Vain

Well some things you can explain away
But my heartache's in me till this day
--The Clash

The Dow ripped to another high for the year to today. Other major indexes such as the S&P (SPX) aren't quite there yet.

By the day, sentiment of 'they're better higher' feels like it's increasing. Underperformance anxiety is squeezing both money managers and retail investors into the market as the proverbial train is increasingly seen as leaving the station.

While the possibility for a melt-up into year end certainly exists, these types of situations invariably end in tears.

For my part, I've been making sales into this wave higher. First have been trading positions slapped on over the past month or two. I have two remaining and they are being held for sale.

Next comes my 'core' pharma exposure. Given the weight I'm assigning to a pending deflationary wave, I just don't want to be holding significant positions in any risky asset.

I hope to use price to my advantage and make sales in the days to come.

position in S&P