I've been taking advantage of this wild strength in the market to lock in some nice gains. I sold out of News Corp yesterday (NWSA), as well as the double oil fund (DXO), and some mutual funds I've held for awhile and have been wanting to get out of. I also sold my position in the silver ETF (SLV) for a small gain. I do like the thesis on silver, and will likely own it again. I just got a little spooked when I looked at the chart again and saw it trading well above support levels. There was a good indicator by the way around May 11, when the 50 day ema crossed over the 200 day ema, as it hasn't looked back since.
I continue to be more bullish, but again feel we have to make some sort of test of the March lows. Right now that 666 level on the S&P seems worlds away, but I think we're going to have to see a test that gets lower than about 880 which is really all we've seen so far. We have pushed through the 200 day ma, which could be a sign this rally has more to go. One thing is for sure, I am not short anything and don't plan to be until something major changes in this trend.
Disclosure: No current positions in stocks mentioned.