The consolidating nature of the markets remain in progress. Early selloffs are followed by buying. The trend remains in progress with good consolidation/profit-taking along the way, keeping investor exuberance out of the picture. Continue to stay predominantly long but now might start adding a few short positions to the portfolio.
The nature of the trend continues, backing and filling but with a bullish bias by the end of the day. Today the NASDAQ is continuing to trade higher while the transportation index and the S&P 500 has consolidated back to the T-line, which continues to act as support. Continue to stay predominantly long until you see obvious sell signals in all of the major indexes.