Rotation to quality stocks and adjustment of the overall market are still continuing at the moment.
For the next few month, the test for US equities is to see if S&P and DOW will surpass the previous highs set in July. If no convincing breach of the previous highs are achieved, look for a major correction (8% to 10%) before the end of the year.
Put money on defensive sectors and maintain a 50% cash position are prudent thing to do. Cash can earn about 5% interests nowadays risk free.
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