Last Tuesday I gave you GOOG at 353 as my favorite fresh long. On Monday it climbed above 370. I was also long ARKG and NOV. The latter did well and I got out last Thursday with nice profits. ARKG put on a light show moving 30%+ in 3 weeks. Will continue to track ARKG closely. As I have been saying IMO it will be the best sector to be long this year, and it already has a great move out of the gate. On the other side, as I warned for a while, the spring high flyers would NOT be leading the market on a summer rally. 

The semiconductor stocks had the type days last Thursday and again on Tuesday that in any other time in the market would have sent shockwaves of blood throughout the market. Money seems positioned to collect premiums in the option market. That suppresses volatility in both directions. So I think rallies from here are limited. Declines are likely also limited, but there is still the risk here of a sharp decline. So if the trading range breaks, very likely that break is lower. I am completely flat stocks here, though GDX the gold miner ETF looks like a buy at the close Tuesday (75.65)

Thanks,

Joe

PS-I have mentioned a new program that I have been working on for the past few years recently. I have been watching it adapt to this market and this thing has been absolutely on fire. If you want to see the trades it is kicking out, click here.