With a gain in the indices of roughly 29% since the early March lows and the S&P rallying for six weeks in a row-its longest streak since May 2007-it may be time for a pullback or, at best, a consolidation. In CROSSHAIRS TRADER terms, the current BATTLEFIELD TERRAIN is categorized as GREAT DISTANCES or TEMPORIZING, both of which indicate caution when entering the battlefield. If you want to go long (or trade call options) do so taking very quick profits with stocks that have been leading the market higher, have bullish patterns and have favorable indicators. It is no fun getting on an elevator on the 11th floor to go up only to realize that you are on the 11th floor already! If you want to go short (or trade put options) apply the same rules as going long. Even though we are in a bear market, the intermediate trend has been bullish and until this changes, shorting the market would be to trade the pullbacks and bearish divergences or to find stocks that have not participated in this last leg up. Just my take on things and are subject to change as the market dictates. By the way, you did know that I am a "yard sale cartoonist"? Once in a while I will draw something that others may find useful. TRADING IS WAR. PREPARE YOUR WEAPONS.