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Tapped Out Market, for now.

|Includes: ProShares Ultra Oil & Gas ETF (DIG), SLV, SMH, UWM, XLE

Technically I believe the market is tapped out, the S&P is 80% on her charts and fighting to break above her 200 day moving average.

DIG is 90% on the charts, SLV is 70% and fighting to stay above her 50 day moving average.

Not saying that we can't go higher, the combination of option expiration and end of quarter "window dressing" can go along ways. But for me its time to add some downside protection, takes profits off the table or a little of both.

The volumes today, like Friday's are very light, which makes it easy to push upwards. But its not a sign of strength. We also have the 4th of July holiday right around the corner. Overall, just a good time to be cautious.

Disclosure: Long DIG, Long SLV, Short QQQQ, Short XLE, Short UWM, Short SMH