Indecision

Today's market was flat, pretty much an indecision day after three strong rallies last week. But the big momentum stocks all shot up higher, RIMM, AAPL, GOOG, BIDU and FXI.

1. Since majority of the major indices are overbought, I expect a down week to consolidate the gain for the market. Like 1-2%.
2. Housing data will be spun by bulls to push the market to all time highs.
3. Bears are in such a bad shape recently, I think we have careful bears and confident bulls right now, so any meaningful dip will be bought. But this eventually will be ended badly for bulls, when they all want to exit the party.
   
4. I don't see how the market can go higher without some "venting", but with this market, it's hard to predict.
5. I took no action today, and likely won't take any further action until the market points to me down or up.
6. Thanks everyone for your comments!

Market prediction for the next two weeks:

1. I think by the end of June, it's likely we'll be higher than it's now, the bulls want new highs.
2. Before that, this week, the market will likely to finish lower than today, to vent out some pressure.
3. If the dip does not go well, coupled with some surprise "bad news", then we'll end up with a meaningful correction, and then we won't see new highs by the end of June. I see this as a remote possibility. If that happens, we'll have double tops in Dow and S&P500, not bad for bears to find some TA support.
4. For now, I'll go with 1 and 2 as my main prediction.

Some targets:

1. I may try to buy puts on following high fliers when the market turns south, FXI, BIDU,AAPL and RIMM. CROX already went down hard today.
2. I will only buy a small position when the market turns, and these are still up big.
3. Again if enter in a good price, I think if we indeed has a 1-2% down in the general market, I can make a decent profit in these puts.
4. But these high fliers have great momentum, so rather be safe than sorry, need to pick a good spot, and need to exit quickly. Even a paper trade here won't be bad, just test to see if this is working.
5. I won't touch GOOG. It is still strong.