Powerful rally ... but look for pullbacks.

Market is up 12% since 8-25-15 low on the SP500. One would think a significant pullback would be in order, but noooo... Not yet. Surrendered most of my inverse positions except for biotech.

Healthcare, small caps look weak at the moment. Chronic losers--materials, energy, reits, emerging markets--may have bottomed.

All this can change, of course. Watch to see of bull phase continues. Buy on weakness, short on weakening run-ups.