Over the last two years, most equity markets around the world, in emerging markets, have been down or moving sideways. They’re no longer following U.S. stocks up. In the U.S., an increasing number of shares are breaking down.
We had extremely optimistic sentiment just before Christmas. We had very heavy insider selling, with high valuations, and extremely high corporate profits by historical standards.
The bull market will be five years old. This is the second longest bull market in the last 100 years. These are all signs of a top, so I wouldn’t buy shares here. I’m not interested.