Salient to Investors:

David Moenning at Heritage Capital Mgmt writes:

  • Stocks are at all-time highs, and when stocks break to new all-time highs, it generally pays to buy the dips, not call a top.
  • Why this market is rising is unknowable, so to catch the big moves early a trend-following game is the only way to go. Unlike other indicators, price cannot be wrong. With a price-based system, price moving up is always a good thing for long-only investors and price moving down is bad.

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