Is It Rip Or Dip Time?


We find ourselves at new highs for the Nazzy and S&P. The Dow and Russy need a bounce to get in the sandbox with the other two.  The question  now is whether or not we fail yet gain here, or decide to rip to strong new highs on a closing basis.  We will know this week I’m sure.

The trend tends to repeat until it doesn’t , so it wouldn’t surprise me even a little bit, if we decide to pull one of those patented 5-7% drawdowns this week before we go higher again.

If we do pullback, I expect the dip to be bought again, as usual we’ll get some better entries.


Two sectors you need to watch are biotech (IBB) and solar (TAN). If we do sell off, these will be the first two to go.  The TAN etf looks extended to me. The MACD and RS both crossed down last week and its right on the verge of breaking its uptrend line.


Don”t get me wrong, there are some beautiful long setups out there and there is always a place top make money. But last week I took some profits and raised stops as I try to trade the ranges. It’s so hard to pick tops and bottoms.

I’m ready if this thing takes the Turnpike South though.  Have a great week.

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