Consolidation continues as the tenure of the market shifts back to being long growth, which explains why technology, consumer discretionary and communication services stocks are higher.

Meanwhile those traditional havens are taking it on the chin, particularly utilities.

There are no disasters, as there is mostly a wait-and-see feeling to the market that makes it vulnerable, but with this kind of indifference, any spark could quickly find additional buyers.

Existing Home Sales

The housing market continues its amazing run.  Existing home sales came in at an annualized rate of 6.85 million, up 4.3% for the month when the street was looking for a decline. 

Additional highlights:

• +26.6% from year ago
• $313,000 median value +15.5%
• -19.8% inventories
• 21 days on market from 36 a year ago
• $1.0 million+ homes +102%

I am eager to put funds to work, but happy to have taken a lot of profits and be positioned for the best entry point.