I have been very cautious over the past 2 months.  When I get the feeling that even a monkey can beat the S&P index, I begin to worry.  I am very close to retirement, a 13 months at most.  So I started to lighten up.

That said, while the Treasury yield has been on a rapid rise and the market frets when yields rocket higher, I feel that with so many people under-employed, it will be tough to get the economy to overheat on a long term persistent basis. Yes, people will go crazy on trips, shopping etc.. but it will be a surge that will not be able to persist for more than a year or two.  The rest of the population will be strapped for cash.  A lot of pain lingers.

So back to the market, my take is that the yield rise will taper off and the market will settle down