Pretty much since the bottom of the market in 2009, Raymond James strategist has been bullish.
But in recent weeks he’s finally grown more cautious.
His latest weekly comment is the most conservative we’ve ever seen.
The call for this week: I continue to exercise patience with the equity markets while I sit on the cash raised over the past number of weeks. Unlike many, I consider cash an asset class. Indeed, to assume the investment opportunity “sets” that are available to you today are better than ones that will present themselves next week or next month is naïve. To take advantage of those opportunity “sets” one needs to have some cash. For those wishing to be more aggressive, it looks to me as if the U.S. dollar is in the process of breaking down. If true, and only for a trade, the Market Vector Gold Miners’ (GDX/$49.76) 16.3% mini-crash since February 29th should be over. A good stop-loss point would be slightly below last week’s intraday low of $48.45.