Market tops are often sideways affairs that shake out all but the most fervent bears. I would be remiss not to mention that I am having doubts myself about the downside. I don't see the potential for meaningful upside, but we could get a bump higher due to the turn of the month. I don't believe any such bump would be the beginning of a new move higher but rather just just more fluff for when a correction finally arrives.
I have been modestly net short and wrong for over four weeks now. Luckily, the long side of my portfolio has performed fantastically and I have done fine, even though I have not been keeping up with the Dow Joneses. If we get a move lower today or tomorrow I am considering going mostly to cash and taking a fresh look after the turn of the month. Hopefully, this post marks a market top. It wouldn't be the first time.