The Daily Dose of Trading Comments

So, it was yet another day of unbridled optimism on the Street as the bulls took turns bidding up the price of most everything once more. I end the day with some decent gains; with the start of a longer term trading hedge for the expected pullback in the coming week or so and with an actual increase in the size of the portfolio over yesterday as I decided to shift into the oil sector. The OIH broke out to new highs today while the XLE is on the verge of setting up a retest of it's highs earlier this year.

Today's news was that interest rate increases may be about through and that provided yet another excuse, as if one was needed, to buy more. As I've said here repeatedly of late, this will come to an end and I'm suspecting that could come as early as next week. That time frame of a six to seven week straight up move would coincide with my intermediate term indicators topping out along with my short term ones. Put it all together and you have the makings of a longer term pause at best; a decline at worst. After a long uninterrupted move like the one we have seen, that decline should take on the marking of a sharp two or three day decline that makes all those who bought late gasping for air. But that's next week and the party this week is in full force. As they say, it ain't over till it's over and that ain't happening yet. See you tomorrow.