1 JUL 2014, Tuesday

• Well, we're here at 1970 as suggested in last post.  Mashed up against the trend channel.
• Higher?  Anything is possible.
• However, the chart above indicates that Mom and Pop are in the market thinking that the Fed has their back.  History shows it doesn't always work that way.
• The market is too high to buy and still too strong to sell.  I have been day trading only for all of June.
• I absolutely don't want to be caught holding the bag that Wall Street wants to hand off to small investors who have been conditioned to buy all the dips because there is nothing but up.
• Holiday weeks tend to be up weeks due to light volume drift.  And, so all the folks can talk happy talk at the BBQ and encourage one another to buy more stocks because they're doing so well.  
• I'm thinking the likelihood of a 10-15% correction is looming large.  Then we'll see how it looks for new highs prior to a sizeable 35% down move.  
• Timing is always the hard part.  That's why I take it one day at a time and wait to see what Ms. Market gives me.
• Food for thought...ever since we came off the Gold Standard, 7 year tops have shown themselves...1973, 1980, 1987, 1994 (year long sideways...1993?), 2000, 2007.  And now we're in 2014.  Hmmm...2+0+1+4 = 7???
• Best of luck to you!