My analysis this weekend showed a rally that is in a very precarious position.  Obviously, HEDGEfolios is heavily weighted toward the bullish situation but I feel like we are at a significant pivot point and I am watching very closely.   Many charts are heading higher in a condition that I refer to as “flotation.”   Imagine that the stock is a balloon that is lacking a full volume of helium but is temporarily able to float around.   Several key elements of the technical analysis I use are missing for over half the UP signals in the HEDGEfolios Universe.  That’s not enough info to change a signal, but it’s enough to cause concern.   It’s possible that the stocks will float regardless of me not seeing what I’d like to see.  It’s also possible that these factors will start materializing and provide a more sturdy justification for continued advances.  And yet, it’s also possible that the absence of these components will eventually cause this flotation to succumb.   As a result, I am being very hesitant to get even more bullish than I have been lately despite the higher number of new UPs again this week.   Last week’s big rally made a lot of stocks rise and start to look good.  But looking good and being good are often two very different things.  I wish I could be more definitive on the likely direction but the best I can do right now is encourage you to be very vigilant.