UPDATE

Looks like the Dow is making new highs once again. The Nasdaq and the small caps are lagging. There appears to be distribution on the SPY and DIA .

I am kind of annoyed that I missed the last 200 point of the Dow rally. I participated in the entire 12,000 to 12,600 move upwards. I did not expect us to be at all time highs on the Dow so soon after the February 27 plunge. However my long positions continue to outperform the market which is some consolation. I am at a stage where I do not see the benefit of being long since May is around the corner and the markets generally underperform May through September. In my view the current market rally is not broad based. A few big cap names like JPM, Caterpillar and Boeing are are responsible for todays gain in the Dow . The move up last Friday was entirely attributable to Merck. In other words one stock was responsible for a 60 point move on the Dow.