Like everything, its a matter of perspective. Top pickers continue to call for a market top and hunker down in the "safety" of zero return cash or bonds whose value is declining due to rising interest rates.  These are the same people who have accurately predicted 17 of the last 3 corrections. They may eventually be proven right but tops are only known after the fact. It’s important to listen to the market and interpret what it is saying rather than react to human emotions.

I have to ask, is the chart below indicative of a market that is in such a decline that you should bail out of your stock positions? Out of 70 country stock markets analyzed, ZERO are in a bear market (as defined by down 20% or more from their 52 week high). This chart helps to put into perspective today’s global risk appetite which is clearly favoring stocks. This could change at any time but until it does it’s always best to stay with the trend, ignore the noise and avoid bad investment decisions driven by emotions.