In lieu of a broad market correction, we continue to see underlying sector and stock rotation–An antidote to a broad market correction, if you will. This type of action makes it very difficult for directional shorts, as well as traders who do not stay on top of the constant shuffling. At some point we will, in fact, see a broad market pullback. However, timing it has been exceptionally difficult, even with very stretched sectors such as the transports.

Case in point: The energy sector ETF intraday chart below shows how punishing the market can be in an uptrend to shorts.

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