The SPY busted through the 159.75 level into new ground with a strong advance on Friday, closing at 161.37. The only negative would be that the SPY closed just under the midpoint of the day.

Many stocks are at fair value or overvalued at this point. A couple that we think are undervalued for the long term are NOV and CAT. We have positions in both. Both stocks are out of favor at this time so there could be more downside.