The range trade back and forth from risk off to risk on and back again and again persists. All of the supposed serious economic and market issues remain, and little of substance has changed.
My committment persists for cash and near cash (PFIUX, VWSUX, etc.) flavored with various yield assets including PFF (preferred stocks), PCEF (clossed-ends), PRRSX (real return real estate fund from Pimco), LSBDX and DBLTX (high yield corporates and MBS respectively. Then there is 20% in gold, gold stocks, and yield energy stocks.
The ASA to gold ratio has sunk to levels of 1998
which has to be a value area unless gold mining is about to be banned worldwide. The oil and gas trusts of the US and Canada also appear to be undervalued.
I'm in southern Mexico now but expect to be more active again soon.