The rally is continuing to push higher today, albeit with more of a drifting feel to it. There seem to be plenty of traders doubting this move, and while I think those arguments have some merit I am not going to fight this tape. Just because I am not shorting up here does not mean I am all-in long, though. Instead, I am merely riding the wave carefully. As I have note before, if we are in the early stages of a fresh uptrend then practically by definition there be time to increase long exposure.

One positive I am noticing is that the laggards, such as the semiconductors, continue to see inflows even as a leading sector like the biotechs takes a pause. Perhaps this indicates a rotation of capital within equites rather than fleeing the asset class as a whole. Elsewhere in the technology sector, AAPL AMZN and IBM are all helping to boost the Dow and Nasdaq. Those pointing to Apple weakness yesterday as a sign of a fake rally in the market are going to have to latch onto something else today.

Overall, the dip-buyers are winning out and I am going to respect that, even if I do not yet fully embrace it with an all-in long portfolio.