They can’t even seem to break above the May highs and volume is pathetic. I’m not trying to look for any sign of gloom, I just wanted to point this out. If you haven’t taken major profits at this point, or even worse are just jumping on the long side now – watch out. There are a number of signs that suggest we’re closer to a top than a new leg up. I’m currently flat now, played a few longs this morning and essentially sat out the afternoon session. I didn’t feel comfortable taking any contras home overnight although it seem like the contrary thing to do.

XLF