We saw some great trading results this week, with major indices closing at all-time highs yesterday. The DOW, SP500, and NASDAQ all finished trading yesterday in record territory. That's the first time this has happened since the last day of 1999. Many equities are at or near their 52-week highs while far fewer are at or near their 52-week lows. And, analysts say the current trading levels resemble the boom year we had in 2013.

This shows how far we have come since that doom and gloom in the aftermath of that "Brexit" sell off in June. One hopes that investors were wary of calls for panic selling at that time, because we have made up all that ground and then some.

This is even more significant because it has occurred in the "dog-days" of Summer, when many have taken the advice to "sell in May and go away" in expectations of the oft-occuring Summer market doldrums. With low yields on bonds, equities remain the only game in town for those searching for yield. And the Fed has helped by keeping its hand off of rates--for now.

Meanwhile, our overvaluation figure has crept up a bit, but at 48% overvalued vs 52% undervalued it remains smack dab in the middle of "normal" range. Our models do not see signs of a market that is too hot-yet.

When Wall St traders and investors get back to work at the end of this month we could have prime conditions for another leg up and even more record-setting. Let's hope that works our the way it should and that the Fed keeps its foot off the brake for just a little bit longer.

We still want to see some employment growth and a fuller penetration of the recovery down into the labor markets and worker paychecks. We also would like to see some of the crazy uncertainty over the Fall election and the erratic personality of potential POTUS Donald J. Trump eliminated.

Meanwhile, let's remind ourselves of the bigger picture once again. In 2009, at the beginning of the Obama Administration, the common view in some circles was that the US economy was heading for a disaster/full on depression and investors were fools for staying in the market during the the full flower of the Bush economic disaster.

But, from that 666 SP500 inter-day low of March 9th of that year, we have seen an historic rally. The SP500 is up almost 220% since then with other indices showing similar gains. All those cries to "BUY GOLD BUY GUNS BUY SEEDS" were foolish.

Yet another reminder to never let political views and ideological shibboleths to get anywhere near your portfolio or your trading decisions. Slow and steady is still the best advice. Rational investing over time wins the race. Timing is a fool's game for most.