Not Too Bad

While the market is overbought and could see a pullback, I don't believe there is cause for too much concern. We are not seeing the type of exuberance that would worry me and we are in a benign period of the year. Barring a significant worsening of the crisis in Europe I think that a pullback will be contained to a few percent. While I scaled back the majority of my trading longs, I am sticking with medium sized core long exposure.

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