A worldwide rally. Lifetime highs on almost all important U.S. stock indexes. Turkey is a faded memory, and any moment now, China could announce they are best-trading-buddies-ever with the U.S. sending the Dow 500 points higher instantly.

Even with all that, I want to quietly point out that the emerging markets, for the entirety of 2018, have been faking out traders on a regular basis. My view is that the latest rally is just another head-fake. (“Fool me once, shame on you. Fool me seventy-three times, shame on me…”).

I remain quite conservatively positioned, however, with only 135% of buying power being used spread out among 36 positions. Quite recently, it was more than double that on both counts.