Since the end of December 2014, US equities have traded side-ward with a few selected stocks moving up strongly while others were weak. A very mixed performance indeed. The S&P 500 is up by less than 1% for the year, the NASDAQ by 7%, but the Dow Utilities Average and the Dow Transportation Average are down by 11% and 10% respectively.
In general, I believe that the risks associated with over-extended asset prices (stocks in particular) far outweigh the potential upside potential for the next few months.
VIA Marc Faber July 2015 Market Commentary
