It’s good to see an all time high for the S&P 500. Now back to business. 

We’re not loading the boat on new long positions for some very sane reasons:

• Breakout growth stocks are not well bid in this environment  Money is moving to safer, blue chip type vehicles. 
• It’s generally not a good idea to to chase new highs on the major indexes after long run ups. New highs from smaller, growth names is an entirely different story.
• A handful of distribution days is telling us large institutions don’t seem to be on board with a new leg up in the market. 
• In a few weeks weeks we’ll be in the month of May, a traditional time to walk away. 

Perhaps we’ll follow up with some short setups here, if the market presents them.