So finally we see a bar decently under the SPY JunP. The market has been cracking since I first pointed out the possibility of an immanent shakeout on 6/9, just one day after the top, then just after that discussed the chance of a more significant top (see this post for a round-up).

The last few days are good examples of the importance of waiting for a clear signal, then taking meaningful action. Days and action that counted: taking profits or hedging out USA longs 6/9-10, getting back in GLD or GDX if shaken out early June, buying into TLT again 5/31-6/1, USA stock longs 5/24 then 5/19 (or lifting of previous hedges), then before that reducing longs or hedging at the trading top I nailed on 4/19-20. So although I am not covering all asset classes in this list (for example, other USA indexes other than mains, global stocks, oil, etc) there were really just a handful of days that were loudly calling for portfolio adjustment over the past 2 months.

That said the recent action this past week has been a bit sloppy, partially due to OE, also SPY ex-dividend. See the forthcoming USA main index post and total market view for a more thorough analysis.