Random Thoughts Well, the Ps didn't set the world on fire but they did manage to close at multi-year highs. As a trend follower, you can't argue with that. If B is higher than A and C is higher than B, then if a market is going from A to C, it has to make new highs by passing through B. It's not always that simple but you get the idea. New highs is a good thing and should not be ignored. So, I should be happy, right? Well, I'm happy (but not "Happy, happy, happy" like Phil Robertson). I'm glad the market is making new highs. I remain concerned about the overbought nature of the market. With that said, I'd like to see it accelerate higher (vs. drifting) to become even more overbought and then have an orderly correction. Like Mick once said, "You can't always get what you want." And it markets, you take what you get and you don't throw a fit. So overall, so far so good. Internally the market was a little soft but not enough to worry about. Most sectors remain at or near new highs. Some, like Retail, which had been lagging, are now joining in the party. So what do we do? Since the market only had a slight change, not much has changed in the game plan. Continue to enjoy the ride on your existing longs. As far as new positions, I hate buying into an overbought market. The good news is that since I'm a pullback trader, I'm not seeing many setups at this juncture and likely won't until the market corrects a bit. I still like the areas that can trade contra to the overall market, especially while it remains overbought. Selected commodities, speculative technology issues like the Solars, and selected IPOs are examples here. I haven't completely forgotten about the short side just yet. Here, I like the big cap issues that have lost steam as of late. As I preach, these previous high fliers could be a source of funds if the market continues to rally and if the market sells off, the bigger they are, the harder they will fall. Said alternatively, I think these issues can trade contra to the overall market too.&n bsp; No matter what you do, continue to take things one day at a time and practice proper money and position management-honor your stops on existing positions and wait for entries on new ones. You'd be surprised how far those two things will go towards keeping you in the game for a long time. Futures are weak pre-market. If you're not saving lives, negotiating world peace treaties, or doing other great and wonderful things around 11:00 this morning, then come to the show. Click here to watch today's Market in a Minute. Best of luck with your trading today! Dave __________ Expert swing trader Dave Landry comments on the charts for the major markets, indexes and sectors for the upcoming trading day in his daily one-minute video. Make sure your sound is turned up. A new browser window will open and the video will begin playing within a few seconds. Click here to watch today's Market in a Minute. You can contact Dave Landry by email at firstname.lastname@example.org or visit his website DaveLandry.com.