I sold out all my leveraged ETFs Thursday. This rally has come quite far, and though I think there is more upside to come, I think the probability of a pullback is high.
I was very long, and I am still long but I now have a pile of cash I intend to put to work if the market goes down. If we really begin to roll over, I'll get flat or perhaps net short. But if the market appears to be going higher, I'll buy back in.
For now, as a trade, I am cautious.