The drop in the stock market over the last week was fast and unrelenting. Based on this reality, we want to share with you our trading activity and thoughts on the direction of the financial markets.

As outlined in our Second Quarter 2015 Newsletter, our Third Quarter 2015 Newsletter and our August 2015 Newsletter, we have been highly concerned with the U.S. stock market’s high valuations. We sold about half of our direct U.S. stock market exposure in May and June after our long-term timing indicator flashed a “sell” signal; this was the first “sell” signal in 6 years and only the 3rd in 17 years.
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