ONLY CERTAINTY

This is not any kind of prediction, simply an accounting of what's going on as we head into the final lazy days of summer 2013.

Many of the major stock indexes have recently touched new highs, sustainable or otherwise. US manufacturing in some sectors has turned more positive. Money flowing into stock and ETF mutual funds increased recently to levels not seen in five years.

Bond funds, an investor darling over a similar period, have suddenly witnessed money head for the exits. Volatility as measured by the VIX is about as calm as a pond on a painted picture. Investor confidence is rising, some say soaring would be a more accurate term. We'll leave that to the pundits.

On a valuation scale the market may not be greatly overpriced, but it's hardly cheap either. By historical standards September has been the worse month for the stock market. People generally during this period every year pay less attention to Wall Street happenings. It's an end of summer vacation thing.

Notwithstanding the brief June sell off, this is a market that's had quite a good summer run. Sell in May and go away didn't work this time around. The only certainty about what happens next is: We will see.
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