This looks like we may be at a short term top, but who knows. I’m just sitting around watching. I’ve taken up a small short position in AAPL and will be contemplating further shorts. I’ve been watching CAT and if this isn’t a top, then I haven’t a clue what is. We’ll have to see where it closes of course, but currently it looks shortable at this level. I want to be careful not to fight the market here and will be looking for some type of confirmation, but my gut tells me we are at a top.
We could trace to 1,290 on the SPX and still continue this uptrend. This would be a healthy retrace in my opinion. I will be watching these developments closely and acting as the market directs me.
UPDATE: Head and shoulders on SPX(5-min). My min. projection is 1,300.
