Investors seem to be a bit sidelined and the traders, hedgies and hackers are festive over their plus or minus 300 point swings in the market — all the while they pretend to wring their hands and sweat cold. That steady market climb of the last few years is awfully boring for them. Getting fired by CALPERs probably feels like a wedgie to many of them. Don’t be surprised if they continue to take it out on “us.”

We looked at $USHL last week, but we’ll keep a close eye on a break below +100 and we note that the long-term trend is still quite strong. Remain defensive, seek high-quality but it’s still business as usual for an investor with a long time horizon.