This story was originally published on RealMoney on June 6 at 8:25 a.m. EDT.
The recent run in the market has left a lot of bulls giddy.
Frankly, I was in that camp a few weeks ago, but my ardor has since cooled.
For one, I get concerned when the indices move straight up. In addition, the
(see chart below) got turned back -- and hard! -- right at resistance.
That might be indicative of more downside, or it could just be a brief pause.
Regardless, my take (also reflected in
) is to be doing very little on the long side right now.
XM Satellite Radio
Energy Select Sector SPDR
Charts produced by TC2000, which is a registered trademark of
Worden Brothers Inc.
And that is the final word from Bethany Beach, where it's now become
for graduating high school seniors to enjoy a "beach week" post-graduation. For a parent, I'm afraid it's the ultimate no-win situation.
Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.
Smith writes a daily technical analysis column for RealMoney.com and also produces a daily premium product for TheStreet.com called The Chartman's Top Stocks --
click here for a free two-week trial. While Gary cannot provide investment advice or recommendations, he appreciates your feedback;
to send him an email.