S&P Near Record Highs but Could Use a Few Days' Rest

"The policy of being too cautious is the greatest risk of all."- J. Nehru

NEW YORK (TheStreet) -- A quieter Wednesday as stocks took a bit of a rest after a strong push.  

Dips are to be bought since it's working for now, as we saw when the Fed minutes were released today.

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A quick dip was seen as the initial release came, but there was nothing unexpected or new and markets and stocks snapped back very quickly.

Almost all my recent buy points are still valid and should trigger within a few days after a little rest here as we blow off some of the overbought reading we are seeing.

All in all, markets and stocks are acting great!

S&P 500 SPDR Index ETF  (SPY) is at highs now and could use a little rest but that doesn't mean it will come for sure.

Nasdaq  (QQQ) is still leading and not showing any sign s of a top so all systems remain a go.

Have a great summer evening and enjoy this August strength.

Follow @iTraderz

At the time of publication, the author held no positions in any of the stocks mentioned. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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