RECAP

The Dow is up 15 of the last 16 trading sessions and over 700 points in the process. This run reminds me of the November/December 2004 run when we did 800 points in 3 weeks. The S&P 500 and the Nasdaq were on fire too.

The Phlx housing sector index lead the way with big gains in the homebuilders.

The rise in oil prices meant the airline sector underperformed.

Gold is on the rise and is closing in on $700. Yesterdays dip was a great buy opportunity.

Speaking of dips, I would be long the markets if I could get in on a dip. The recent rise is looking too parabolic for my liking. Until I see some sanity, I'm staying on the sidelines though I continue to hold long positions.