End Of Run... For Now...

No surprises in the US market yesterday as the S&P500 continues to reach for that 2750 points level I predicted on Monday.

However, what I don't like is how the market has moved so much so quickly that it is once again on short term overbought condition. In fact, investors smelt this scent of overbought-ness yesterday and actually sold out of equities and returned to the safety of bonds, depressing bond yields as the late herd took over... late to the game as always. As such, this is once again not time to be newly long or newly on calls but a great time to take profit on your existing profitable longs and calls. If you are my student or subscriber, you would be taking profit with me today as well.

For those of you who have waited and waited and only thinking of getting in now that you see the bulls are "kinda real", you belong to the herd taking over from the clever money getting out now.
I am not saying the market is going to be negative today. No. In fact, chances are still good the S&P500 is going to try to reach the 2750 level. But, I won't bet on a very bullish next week.

As for me, its time to take profit and enjoy the weekend!

For now, the market remains in short term bull trend within the framework of an intermediate neutral and primary bull trend.