I think FOLD EM. With the Chinese market now in official bear market territory again and the hopes for world growth based sole on their economy growing I think we could be in for a steep pull back this fall.

I have gone to a defensive position.

Mostly physical gold through Canadian ETF's, some gold mining shares and a small short on the S&P 500 again. I will rethink this if the market shows me I am wrong but there really are no fundamental reasons for the US markets to be this high.