Winter is indeed coming but the markets are still partying like it's spring break. From a contrarian point of view this is a troubling sign. US household equity exposure is approaching all time highs. We are due for a normal draw down of some kind in stock prices, however because of the high level of investment this could push for a mass move to the exits. As long as the economy keeps growing though, these pullbacks will be opportunities for purchasing beaten down sectors. We remain vigilant. Winter is coming, but it's not yet here.