Bullish But Cautious

We continue to move higher and I continue to be bullish. We are currently at a key resistance level in the Compq and we are testing the closing high from October 2007 at 2834. We are also about 29 points away from the trading high at 2862 in that index. The levels that we need to take note of on the DOW, the SPX and the Compq are the 20 simple moving average and the prominent trend line that has been in place since September. If those key areas are breached, that could be significant and the beginning of a possible short term pullback. Stay nimble and it wouldn't be a bad thing to consider a hedge

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