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Not Out Of Woods

|Includes: RTH, SMH, SPDR S&P 500 Trust ETF (SPY), XLF

Last week's Follow Through Day, suggesting institutions are on board with a bullish leg in stocks, has been working thus far.

As up-volume outpaces down-volume over the past several weeks we've had the confirmation of a number of new highs from our top-ranked and beloved Growth Stocks.

We're holding our Buyer's Edge bias until Distribution, or institutional grade selling, shows up. The S&P 500's testing of just above its 200-day moving average might pose just the location for some type of pullback to take place.

The key sectors of Financials (NYSEARCA:XLF), Semiconductors (NYSEARCA:SMH) and Retail (NYSEARCA:RTH) all remain below their 200-day moving averages, giving us further indication we're hardly out of the woods.

September is also notorious for corrections, so hold on.