"If life hands you a lemon, don’t complain, but instead make lemonade to sell to those who are thirsty from complaining."

Wally Amos, the man whom many consider to be the father of the gourmet cookie industry, has turned lemons into lemonade so often in his life that in his official portrait he holds a pitcher in one hand and a glass of lemonade in the other. A perennial optimist, Amos refuses to acknowledge that obstacles are anything other than stepping-stones to success. In a career that has spanned several decades, he has made it to the pinnacle of success several times, only to lose everything and be forced to start over. But he’s never lost faith. “You have to have the trust and faith to let go and not agonize,” he says. “Don’t waste your time worrying. Worry is not preparation. Analyze the situation and focus on solutions. There is always an answer.”

For now, it's just a very sharp pullback in what is still a rising trend on the SP-500 chart. The bears have more work to do if they want to take control.

The overbought conditions intensified this past week with a couple of huge up days on June 5th and 8th, but then exploded into one of the worst down days in history on June 11th. The wild ride seems destined to continue.

Wild ride, it was starting to get ugly today, but then...

In summary, the short-term momentum is strong. We are seeing some extremely overbought conditions, as traders who had been cautious are now throwing caution to the wind. We will wait for confirmed sell signals before doing any shorting and/or put buying, and will wait for a price breakdown by S&Ps before any positions are established. Meanwhile, continue to ride the uptrend.