It's been a while since our last update. The main reason is that we’re fully allocated, and after a slight push upward, the market hasn’t made significant moves since September 19th. This reminds me of May 2023, when the market was at a similar crossroads—uncertainty lingered over whether it was just a prolonged bear rally or the start of a new bull market. Instead of going purely sideways, we saw both false breakdowns and fake rallies before a decisive breakout. Despite the uninspiring price action, today the S&P 500 managed to close at an all-time high. While all-time highs are inherently bullish, a closer look under the surface shows that not everything is as rosy, with some data starting to raise concerns. Here's a quick update on what we see, what we think, and how we're planning to adjust.
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