This summer markets have again ignored all negative news. Be it trade issues, be it indictments and drama on the political front, you name it. Turkey, Venezuela, Argentina, Italy, Brexit troubles, emerging markets, China, who cares? 5 months of straight gains with little volatility not only retesting January highs, but making new index highs in the process.

And if you believe headline AUM driven punditry you are left with the impression that nothing, absolutely nothing, is going to derail a guaranteed ascent of prices. The bullish argument is rooted in US earnings growth which is fantastic given the backdrop of tax cuts. In context new highs are actually not surprising and were expected. A dovish Fed (still running negative real rates & staying accommodative with a cautious slow rate hike path advertised), trade wars are over (they're not) 24% earnings growth, buybacks galore, nothing matters. Pullbacks are a thing of the past, get long and buy the highs. We can only go up. Perhaps a bit facetious on my part, but that is the general sentiment propagated. "Buy every dip", "don't wait for a dip" and above all: "Don't sell".