Historic freak show: last year we had record-low volaitilty vs. today's which is way over 1% a day. Now we pay the price for high volatility which will continue into the summer. Comparing 2018 with 2011: in February of both years we
had a pullback, then a rally, then a second pullback. In June 2011-October 2011 we saw a 22% pullback. Expect a summer correction, but not a crash. In the next week or two, he will slightly reduce equities. Now, the market is slightly
above the 200-day moving S&P average. When we break beneath that 200-day, then sell. Opportunities: maybe Canadian, but he'll go into cash.