Yields rallied today as bond prices headed lower. I took advantage of the opportunity by trimming stocks and buying bonds. I can't remember the last time that I did that. I usually just keep sale proceeds in cash.

Weakness in the miners today, or at least some of the miners.

I'm not picking on FCX. I'm just using it as a proxy for the miners.

I am trying to resist the urge to buy into this market because it is so extended. I don't really have many technical tools to help me in this type of market. Instead, I am just operating on instinct which tells me that these stock prices are a gift to be received by taking partial profits.

Outlook Summary:

I worry that the gains in the stock market have been too much and too easy. I am gradually moving from offense to defense in my accounts.

• The long-term outlook is positive.
• The medium-term trend is up.
• The short-term trend is up.