Good morning contrarians! Futures are flat ahead of a quiet day of known events, but it’s a huge week for earnings…

Stocks have been going up, up, up. The S&P and Nasdaq are up 3% and 3.8%, respectively, for their fifth straight month of gains. The Russell 2000 which tracks small caps has done even better, up 6.5% on the month.

This all means we’re one day closer to a reversal. We probably won’t give back all of the gains from these last couple of months, at least not right away, but there will be another bear market again. Nobody knows exactly when of course, but if one is sitting on big gains in one’s stocks portfolio — especially long-term gains that have been held for a year or more — it may make sense to trim some of the winners and sock away the cash for when things get cheap again. Just remember that when they do, buying will be extremely unpopular. Even more unpopular than selling is now.

More in today’s briefing and podcast, available here for premium subscribers: