Most indexes have pushed up to their respective Fibonacci retracements. This doesn't mean they wont' muscle their way higher to the next level up; it's just an important resistance level to watch.
The NASDAQ is strong enough to actually be above its retracement, so there may be more upside here. I have been participating in the market's strength via my longs, which are very energy- and metals- and ag-oriented (a good example is SSRI, which is up 75% from my purchase a few days ago), but I haven't enjoyed any gains from general index strength. On the contrary, I bought some "beginning" positions in QID and SDS today.
I'll do a write-up later tonight, but only after I've had a chance to read the bazillion comments that I've missed so far.
