It is possible that the final high already has been made for most stocks. Cycle time tells me that it should have been made even sooner, so it is late already, in my opinion. Perhaps a few stocks still may make higher highs, but the majority may have already topped. Market and economic cycles, plus the big change this month in U.S political leadership, might be enough to finally put a lid on this old stock market bull.
Still, history shows that past tops have taken time to unfold, sometimes many months. I don’t see any immediate catalyst to spark a big selling wave. So, I am willing to trade both sides, long and short, buying dips and selling rallies, but I am a bit more willing to tilt toward the short side.