Hope you all are enjoying the holiday.

I see some short term developments unfolding in the markets. They do not effect the intermediate/long term trend, which is still very positive. However, we are getting overbought in most of the indices on an intermediate term basis. The markets have rallied for over four weeks now, without so much as a 2% intraday correction. They may be getting ready to take a pause in this strong advance. I'm still positive short term. We should be seeing new highs over the next few days to complete this wave. Will give the entire market a review this weekend. Enjoy the holiday!