View the intraday, it was well above 200 all day. It is not extremely exuberant, that is why I expect just a healthy retrench (my target is 2100 or so, maybe an excursion to 2085. If we take out 2235, just 30 Naz points above the sell signal, and not have a continuation of exuberance, even though, the RSI are extremely extended, the run may continue and I'll unzip that suit. Right now, there is is once more an increase in bullishness all over the place. Makes me feel uncomfortable, just as I was, barely a month ago, when I removed the 1940 potential target despite 2040 being breached. Can we run all the way to year end? Sure, but I'd rather have a lower long exposure and few shorts, in case crude turns around (some pretty good support at $56 may be tested next week).
