The three major indexes fought off another pullback attempt today to continue their consolidation near the multiyear highs. The uptrend stays intact. However, the underperformance of the small and mid-cap stocks, as well as the DJ Transportation Index which is near its three month low, can't be overlooked. If you have large long positions, it is probably a good idea to have some hedges on them. Although a significant pullback isn't likely with QEs in place, a few percentage points of losses can be significant in a zero-interest rate world.
have a nice day.