Time to reduce long exposure
This will appear to be an unlikely statement after I turned bullish 9.5 months ago, but now is really the time to take some chips off the table. We've been rallying non-stop for the past 2 weeks, and this is already beginning to look like the mirror reflection of the 3 weeks preceding Mar 9. I'm not not saying we'll start correcting tomorrow (although tomorrow looks like a very likely date), but the signs of bear capitulation all around us, and when people capitulate, they usually do so at the worst possible moment. I still think we're going to 14000, but we don't get from here to there along a parabolic line.