The SPY closed at a new high, barely edging the high from April 30 and April 11. This is now the third attempt to crack the 159.75 level. The market has bounced off the 154 level three times in the last few weeks and refuses to break down. The market closed right at the high. Tomorrow will be interesting.

Margin Debt Nears Record

Check out Dave Wilson’s chart of the day. Margin debt in March was at the second highest level ever, checking in a $379.5 billion, just shy of the record set in July of 2007 when it hit $381.4 billion. July 2007 was a few months before the market tanked.

REGI explodes to upside

Renewable Energy Group (REGI), a stock that we previously owned and liked in the low $5s, topped the $11 mark today. We exited our position around $7, which was good for a very nice gain, but should have held it, as evidenced by the recent price action.