My thinking has changed a lot over the last few months.
I began to get bullish last summer, just before Federal Reserve chairman Ben Bernanke announced the second round of the Fed?s quantitative-easing program (QE2). Stocks and other risky assets took off, driving the S&P 500 index up 30% to its April 29 high. But since mid-April, I?ve become increasingly nervous and skeptical, because of seasonal factors and a lot of fundamental obstacles to the markets? advance. [I wrote more about the "perfect storm" the markets face here.]
I?ve followed my own advice and taken some money off the table, selling some of my stock mutual funds and ETFs. (I don?t own individual stocks.) I don?t plan to put that money back in to the market, even after this week?s statements by Fed Chairman Ben Bernanke that he?d consider more monetary easing.
Obviously I?ve had a good run, and don?t
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