"Six percent rallies don't happen in bull markets."

...and that is directly quoted from Macroman.  Well, we'll just have to see about that.

Or, for Rambo fans: "Nothing is over."

Needless to say, I took some profits.  First, let's go to the charts:

IBM looks good for a long here.  Very good price movement and has formed a classic double bottom.  Conservative traders should look for a breakout above 89.50 to get serious.

SLV long. You either love precious metals or hate 'em.  I just decided to keep 5-10% of my trading portfolio in this sector and split it equally between GLD and SLV.  No emotion, no fallout bunker, no ammo, no SPAM.  When they get above the regression line, I sell some; when they get below, I buy some.  It works for me.

Sprint (S) is a nice pattern for a long position.  This is snugging up to overhead resistance should break through one of these times.  Could double.  Use the lower trend line for a sell-stop.

MRVL has been reviewed before as a long candidate.  Like a wimp, I got stopped out in the past-- which is further evidence of Teresa lo's advice not to set stops too tight.  Any pullback in this could be a buying opportunity, but this could just run away from here.  CY also is a strong chart.

While I remain skeptical by nature and I have no trust in the bull thesis here, I could not find any classis short set-ups.  AXP, COF, FRX and CEG all look like decent shorts, but not outstanding.  I sold half my FCX in the pop, but will add it back with any pullbacks... I still think it's going to $40 or beyond.  MS, likewise, was sold for a gain.