SPY just hit a new marginal all-time high on a closing basis—but here's the thing: the real test kicks in over the next few weeks.

December is gonna show us what kind of pullback we're dealing with. Then comes the bigger question: does that correction spill into Q1, or do we catch a bid and move higher? Hard to say at this point.

The way I see it, you gotta take it one day at a time. Don't get caught up in the noise. Keep your cash position heavy right now—that's your ammunition when opportunities actually show up. We're in a phase where optionality matters more than being fully deployed.