Bull Market is Healthy But Do Take Some Profits (Part 2)

Markets do not move in a straight line and there will be profit taking and pull backs. I don't see a big one comning, i.e. > 20% drop but I do see a slow down in momentum. The 3mth LIBOR-OIS spread is rising.

However, the Emerging Market spreads are still dropping, confirming what I said in part 1, that money is flowing to Emerging Markets.

Finally, most indices in Emerging Markets are at their upper channel resistances. I'd take profit if I've made more than 15%. Sell some, give yourself a nice dividend like I do from time to time. Go for a holiday. You deserve it if you've been staying invested. After all, a profit is not a profit until you have it in your pocket.