Up down, up down, throw us a sleeper, thanks! (For anyone growing up without a yo-yo, a sleeper is keeping the yo-yo spinning even.) “Be careful what you wish for” also comes to mind. A little volatility seems attractive when calm gets boring.

A correction, theoretically, is wished for when you have too much money on the sidelines. When it happens, however, it seems a shock; it’s not. This is exactly what is called for.

Long bull markets create imbalances that, if not corrected, will eventually emphatically end uptrends.

Corrections put some much-needed realism back into the investing process and temper some of the craziness. The placid uptrend of last year was unusual, today’s action is normal and has happened many times before. (As a percentage, these moves are well within past experiences.) This is a time of opportunity; not a time to freeze up.

We are picking-up some good buys and gradually upgrading a few positions.

Be happy, my friends.

the Lonely Bull