Longs Are Pushing Their Luck

|
 |  Includes: CRUS, DHR, DIA, QID
by: Jeff Pierce

djiaClick to enlarge

I don’t have a sell signal yet, but it’s close. It feels like In this chart the market continues to make new highs while the NYSE McClellan Oscillator drifts into red territory. The TRIX is also showing negative divergence. It’s difficult to watch many individual stocks hit new highs and feeling like one is missing opportunity, but the market is in a precarious spot here and being careful here is important.

Two decent long charts that caught my eye are Cirrus Logic (NASDAQ:CRUS) and Danaher Corp. (NYSE:DHR), for those looking for breakouts. I’m sitting on my small QID position and looking to add more contras when/if the market does correct.