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While it may not be one of the most popular stock market sayings, I like the phrase, “stocks climb a wall of worry.”  In other words, there is always something to worry about.  Since March 6, 2009, at market bottom, there has been a constant stream of negative stories.  Stocks consistently seem to work through them. I think it’s because investors factor in these stories ahead of time.  Then when the worries resolve themselves, stocks continue on their merry way.

It was with that in mind that I read a story in the Wall Street Journal of April 18 about skittish investors.  The headline was something like “as stocks climb toward record levels, nervous investors are hedging their bets.”  For two consecutive months, investors have piled into “so-called smart funds that try to mitigate risk,” and “exchange-traded products (ETPs) that offer insurance against market volatility.” In addition, investors—seemingly eager to part with funds—are also snapping up ETPs that rise when volatility increases.

The article doesn’t suggest culprits, but one can select from the stories floating around and capture fears of market participants.  There are plenty: the recession that’s just around the corner, the coming earnings collapse, tariffs, and colorful New Deals.

Just remember that on some investment time frame, all these walls of worry shrink to speed bumps.