If you have any appreciation for supply and demand dynamics in the stock market you are likely to flip through a chart or two throughout your day. In my case, I flip through hundreds of charts a day, sometimes thousands. These include stocks, commodities, Currencies, Futures, ETFs, Indexes, and all on multiple timeframes - daily, weekly and monthly charts. One that keeps coming up on my radar is the Nasdaq, both the Composite and the 100. The reason is because we're now back up towards March 2000 highs. This was the peak before the crash that took place over the next 2 years. It took over 15 years just to get back up here. But now what?

Dear Members,

"Sell into strength" is still our big theme right now. We're not trying to buy dips. To the contrary, any opportunities that we get to sell into, we want to take. The weight-of-the-evidence suggests there is way too much overhead supply to get aggressively long for more than just a few days. We maintain a more intermediate term time horizon so a buy-the-dip strategy still makes little sense to us in the current environment.

Airlines have been a sector where