A big run higher today and a typical ‘trend’ day, one in which prices open on their lows and close on their highs. Price action through the last few weeks has been healthy and today may signal the next wave higher toward our targets circa 5000. We do not believe a new bull market is underway, but we can certainly see the April highs coming under threat over the coming months. It would now take a move back below yesterdays lows at 4615 to cast doubt on an immediate advance, although I should say after a jump like today we should expect a few days of pause. No reason to be thinking of short positions and no reason not to be committed completely to the long side. As I have said so many times, the greater risk is not being involved in a sustained upside move.