I felt the stock market was too high before the COVID-19 pandemic. Now the indices are near or above their all time highs, with earning lower, significant numbers unemployed and many small businesses at risk of failing. There is too much confidence given the many unknowns. To me, it seems the downside risks are higher than the upside potential.
I will continue to take profits, raise cash and wait. I may even short a few stocks, such as cruise lines and airlines, which I believe have advanced far faster than recovery would support.
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