We got a green light last month when the Fed decided not to raise rates, then we got another green light when the bond market rallied last Friday, ... The balloon is still blowing up. I'm staying defensive. I still say the bubble is going to break. I just don't know when.

That could cause the Fed to raise rates faster.

Now it looks like the Fed might raise rates at the January meeting, and that might be it.

Worries about an interest rate rise have virtually disappeared, the consensus is now that the Fed won't raise rates, ... Volume is a bit better than yesterday but most of the buying is in half a dozen stocks. Unless we start seeing a broader rally on more volume we can't be convinced that we're out of the woods yet.

The U.S. economy is very resilient and the Fed will raise rates at least two more times next year. The presence of oil money and foreign central banks has put a cap on long-term yields.

MoMA is doubling its space, and I decided to raise the money for it.