Quote from Shanb:
This Rally has brought us to some higher levels pretty quickly. I was anticipating a rally but even this surprised me.
At this point we are overbought. McClellan oscillator reaching some overbought levels. I think some digestion would have been healthy, but from here It will be tough to get through 1360 in the cash.
I'm looking for a possible test back to the Monthly adown near the 1320ish level or some type of pull in here. Lots of stocks have popped and today we had much of the very beaten names finally squeeze hard. FCX confirmed the breakout, X up 10%! Lots of people have gotten bullish, tough spot to be long here IMO.