I am going to keep this one short and sweet as there is nothing much to say about the markets today and also, because I didn't do much today. The markets chugged higher, so that's another good day for the bulls. I like the odds of a pullback here.
The most interesting thing I have to say is that I see a negative divergence developing in the S&P 500 here. Now, this doesn't mean that a pullback must take place tomorrow, just that the odds are in favor of a pullback. I would be very careful starting new longs or holding very large long positions overnight.
Personally speaking, like I said yesterday I covered my ATLS short at 34.50 for a little over 1% gain and sold half my PAL position at 4.27 in the very first few minutes of the trading day, as I knew I wouldn't have time to see the markets till noon after that. After glancing at the markets at noon, I decided that today provided a perfect opportunity to take a much needed day off trading and that's exactly what I did. I didn't wanna open new positions for reasons explained above and also because of the job numbers coming out tomorrow. Who knows which way they will go? I am in over 65% in cash right now and that's just the way I like it here.
Take care and good luck tomorrow! Remember that not taking any position is also a very important position in trading.