WASHINGTON, June 22, 2017 – Very, very short column today, the reasons for which you can discover for yourselves by perusing today’s companion column.
We’re quietly raising cash and slightly raising our positions in gold and silver ETFs, just in case some “lone wolf” – like Kim Jong-un – or some new, self-appointed Stalinist vigilante in the U.S. decides to do something profoundly evil and stupid, creating a 21st century edition of the 20th century’s Archduke Franz Ferdinand moment.
The market is clearly entering upon its usual summer doldrums today, the first full day of meteorological summer, at least as defined here in the U.S. While stocks are up ever so slightly as we write this (approximately 3:30 p.m. ET), this market lacks all conviction.
Worse, the GOP Senate has just put out the text of its own Obamacare “repeal and replace” plan, which looks a bit more like a laundry list of Obamacare Band-Aids rather than genuine repealing and replacing. That’s dampening what, until now, was this week’s somewhat inexplicable enthusiasm for healthcare stocks, although that sector is still doing rather nicely.
Other than what we’ve just noted, we’re continuing to raise cash and go dormant, adding just a bit to positions we are growing in general sector ETFs.
Maybe we’ll get a clearer read tomorrow.