The market rally is relentless. The PMO index is still pushed up against its maximum. Very bullish.

The bullish percents continue to confirm higher stock prices.

There isn't a bit of market hesitation showing here as these indexes continue to confirm. It is a very bullish chart, but I worry about how this will end. I am using the rally to gradually take profits, and weed out under-performing positions.

Check out this article. I couldn't agree more.

Fed's Dudley warns that tax cuts putting economy on an ‘unsustainable path'.CNBC

Outlook Summary:

I worry that the gains in the stock market have been too much and too easy. I am gradually moving from offense to defense in my accounts.

The long-term outlook is positive.
The medium-term trend is up.
The short-term trend is up.