• Looking around in the world economy, there is trouble. The eurocrisis is far from solved, China is decelerating sharply and many emerging markets are in, or approaching crisis.
• The US is the one major area where growth is relatively good, but its at the start of the interest rate cycle which will make the problems elsewhere considerably worse.
• Markets are expensive and supported by ever fewer stocks, the ones that have escaped the trouble in the world economy, but many of these are priced to perfection.
• We think it’s best to take some money off the table.

Source: Trouble Is Brewing In The Markets | Seeking Alpha