The short-term uptrend continues, and I am not fighting it. All my shorts were covered a few days ago, and I put a bit of cash back into the market when the new uptrend flashed.

Cramer has been mentioning that prices are being pushed higher by all the investors who are reluctantly long the market. 

Gulp! I am one of those people. 

Shorting this market hasn’t worked at all even at the short-term peaks, and buying protection feels like throwing money down the drain.

So, in my accounts, I have a cash cushion but I am also adding small amounts of shares in the companies and ETFs with the best price patterns. And I am quickly cutting loose the stocks and ETFs that fall below the 50-day.

For the most part, I am trying to follow the market but at the same time not get too sucked in by the fear of missing out. It isn’t easy to do.

The Leader List

Emerging Markets were strong again today along with Technology and Gold Miners. The standout weakness was the Financials and Regional Banks.

The short-term uptrend continues to push higher and a number of ETFs are showing really good price patterns. This ETF of high-growth small caps is one example.
 

The US Dollar is so weak. Inflation and economic growth continue to disappoint.
 

Even the weakest Emerging Markets are showing some strength as a result of the weak dollar.
 

The shares of Chinese stocks have come to life.

South Korea is very strong too.
 

Outlook

John Murphy has pointed out that it has been a year since the market has experienced a 5% correction so it is overdue for a pullback. Also, we are entering the risky time of the year for market corrections.