Shorts were squeezed the most on the week since Dec 2011, but of course it was really all about USDJPY and the Nikkei's 1230-point rally.

I'm not a prophet of doom but I'm accumulating cash. I'm selling any stock that is trading below its 100 day moving average and I'm not replacing anything in my personal portfolios.

Mutual fund managers allocate too much capital to low-quality stocks and Small Cap Blend ETFs hold poor quality stocks.

With limited opportunities to buy low, I’ve become quite frustrated. However, this doesn’t mean there are no opportunities for a conservative investor.

We argued at the beginning of the year that small caps were overvalued compared to large caps and would underperform this year. That prediction has been right so far as the Russell 2000 is down 4% while the S&P 500 is up 4% in 2014. We don’t see this divergence ending any time soon.