Short Term Top

We mentioned at the end of last month that $17.50 could signify a slightly overbought level. The last few days have also shown signs of caution. With such terrific gains in Dec and Jan, combined with more gains already in Feb, we are going to take the opportunity for a small profit-take. We see two possibilities at this juncture, further gains with a pull-back to $17.00 or profit-taking to betwen $15.50-15.00. Either way protection at this point seems sensible.