http://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=1&mn=6&dy=0&id=p81758643050&a=424811737

Here we have the classical case of 22000 talking heads trying to call the top, but if you look at the chart it screams bull market.  And not only that , but a new milestone: 22000.  Merrill Lynch is bullish on America.  So are we.

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p70142979615&a=266398464

The INDU is stronger than the S&P because of the greater variety of instruments in the S&P.  This is probably an oppportunity, not a problem.

In the immortal words of the Yogi, it ain’t over till it’s over.

We put on a small hedge on a whim, but we think the thing to do is just hang in there.  We might even add on to our SPX position the crazy way things are going.