Mid Day Update 5/4/09n

Markets continue to power higher as this rally becomes more more extended.  As strong as the market has been, it shows now signs of slowing down.  There are reasons for concern though, the bearish emails I had been receiving over the last 2 weeks have slowed down as it seems there is no one left bearish, which leaves the market more vulnerable.  Also, many small stocks are making huge runs higher with little pullback, a great trading opportunity, but it shows that people are throwing caution to the wind and chasing stocks higher.  This is a dangerous situation which increases the likelihood of a stronger break when it finally cracks lower.  The theme remains the same, most stocks are strong and it makes no sense to short into such strength, keep stops tight and don’t greed get the best of you.