I'm not really sure what to make of today's market action. Another strong open that weakens into the close (the Nasdaq in particular). Still bullish, and my conviction is strongest with regard to Emerging Markets. Here's an interesting comparison-> over the past five years, the SPX is up +79%, the world index (VT) is up +47%, yet Emerging Markets (VWO) is up just +13%. That's due to a brutal bear in both commodities and emerging economies in 2015/2016.
The pitch is still good, but perhaps it's time to view it as a changeup-> one that appears to be a fastball but arrives more slowly to the plate.
VT (world index) currently +0.11%, VWO (emerging markets) -0.33%. Both sectors have given back between 74% and 78% of their gains since the breakout on March 9. I plan to swing for the fences at the close by reopening VEIEX (Vanguard Emerging Markets).