Folks, here is the difference between being tactical and fundamental. In my job of advising institutions, if I went on offense at the low, I would have been wrong - still. The offensive sectors have significantly underperfed so i would have been wrong despite market ramp.

As expected, this has been an incredible tactical rally driven by oversold and Fed and Gov't stimulus, but yield curve, sector perf, credit stress indicators, are not yet pointing to making fundamental bet. I wouldn't bet against the Fed, but I wouldn't bet against credit either.

People are trying to paint me as bearish, and that is not accurate. the time for that was when we said to lessen risk in our market and sector downgrade in January. I am waiting to become fundamentally OFFENSIVE when credit indicators & economically sensitive sectors suggest it.