From Cabot Top Ten Trader
This week’s rally was enough to turn the intermediate-term trend up—small caps are still lagging a bit, which isn’t ideal, but every major index is back above its 50-day line, and a couple (S&P 500, NYSE Composite) have nosed out to new highs. With the intermediate-term trend joining the longer-term trend (which has been positive since February) and some positive sentiment measures (still a lot of bearishness and uncertainties out there, which is a good thing), you should be taking a constructive stance toward the market. That said, you should also keep your feet on the ground. While we’re all for another run like we saw from January through April (smooth and persistent), it’s more likely to be a choppier uptrend, especially considering that the market remains relatively news-driven (rumors and reports on Iran, the Fed, trade wars, etc., still cause the market to move around). Plus, we could see some rotation, possibly with strong (but extended) growth stocks chopping around while some other areas perk up.
Updated June 21, 2019 
