New highs are the market’s way of telling us what the trend is: up, for some stocks at least.

History shows that past tops have taken time to unfold, sometimes many months. Some stocks may be tired and already topped out, but others may have further to go on the upside. I don’t see any immediate catalyst to spark a big selling wave for the general market, although I feel that there are substantial hidden risks, just below the radar at this time.

Currently, I am willing to trade both sides, long and short, buying dips and selling rallies. I see crosscurrents ahead, so I wound expect a choppy trend, rather than a smooth directional trend.