The good news is that it appears that the Value Line Geometric Average is breaking out.
The bad news is that Metals & Mining, specifically and commodities in general, are leading the U.S. Stock market. These sectors are typically late cycle leaders. So, there is a historical argument that suggests the bull market might be nearing the end of its run.
At a minimum, we should stay alert. As always, we will maintain our discipline and focus on our detailed investment management process.
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