Correction.. coming soon now..

The market is consolidating some might say. We did start the move lower and then we got a spike. This is not too unusual. The market makes sure that it washes the weak hands and thats what is happening now. Many weak bears must have given up today. I am still short but I had hedged positions so I am selling my longs into this pop, e.g., I was long the following calls, SEPR, CELG and SUN and I am short XLY... I sold out my CELG and SEPR calls today for a nice gain. Now, will wait on CEPH and SUN calls (currently in loss) while hoping that my XLY (currently in loss) will make money when the market corrects rapidly sometime within this or next week. Note the timeframe, I still think we may run higher until we come crashing down. It has to happen this or the next week though. If we keep chugging along and volume picks up and we close above the May 8th high for two days in a row, then all bets are off - until then, I am building my short positions. 

Good luck!