Bull Market Bends But Doesn't Break

Bears were unable to press their advantage and that gives life to the bulls.

Portfolio Applications update: Our latest update to the Systematic Asset Allocation portfolios is now available. Stocks continue to push higher, but it is Gold that continues to shine.

Gold is approaching its longest period of sustained strength versus stocks in more than a decade. The ability (and willingness) to switch between stocks and gold has historically been a valuable (though often overlooked) asset allocation option.

Last week’s rally was sufficient to keep our primary risk appetite gauge in Risk On territory. It remains in a no-man’s land, not breaking down but also not breaking out.