And you’re the only lunch around; that’s what investing has recently felt like. The day to day chop, experienced up close, is very wearing. That’s why professional investors periodically stand back or take a break so that they can keep their focus on the important underlying trends. These are still excellent.

The Federal Reserve is still accommodative, economic growth is rebounding after a winter lull, corporate earnings are projected to stay strong, and sentiment is still cautious; all these help sustain this bull market.

Watch out for the day when it seems that nearly everyone becomes bullish. At that point, assuming most investors had already bought, there would be very little new money to further drive prices higher. The only place to go then would be down. We are not there yet this market still has a long ways to go.

Stay steady my friends and keep an eye on the important trends; don’t be Wall Street’s lunch.

the Lonely Bull