Mind The Topping Process—Tis An Excellent “Rally” To Sell

On Monday, we closed out 25% of our long trading position. We will also continue to sell into any further rally as the market challenges overhead resistance. The rest of our portfolios remain defensive, hedged, and are carrying an overweight position in cash. The reason we suggest selling any rally is because, until the pattern changes, the market is exhibiting all traits of a “topping process.”