Lighten Up on First Half Outperformers

Monday marks the last trading day of the first half of 2014. From a return point of view, the first six months of the year have been decent, but not spectacular. The S&P 500 is up more than 6% including dividends so far in 2014.  My own portfolio is up a little more than 10%, which I consider a very solid performance given I have a heavy allocation in cash waiting for a pullback in what I consider to be an overvalued market. I have been wrong so far in expecting a decline in the market, but still feel we will get some sort of sell-off over the summer.

Other pundits have not had a good year from a macro perspective either. The mainstream consensus called for interest rates to continue the rise that began in the spring in 2013. The opposite has occurred, with yields on 10-Year Treasuries dropping from just over 3% at the beginning of the year to around 2.5% currently....555 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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