T1 is now hit so consider either taking full or partial profits and/or lowering your stops.  these fast pullbacks, that usually erase days, weeks, and even sometimes months of gains in very short order are the risks that i constantly refer to when a stock, or the market reaches extreme overbought conditions, especially for an extended period of time (refer back to the RSI levels noted on the original chart below).

we also tend to see very sharp moves lower when sentiment reaches bullish extremes as most shorts have been flushed out already, thereby removing a significant portion of natural dip-buyers (shorts covering for profits).  add to that, you get an additional imbalance of buyers and sellers because there are more bears with the cash to deploy on new short positions since they’ve already been stopped out.  sooner or later, i’d expect to see a similar sharp correction in the broad markets and with the “DOW 13K!!!” cheer-leading session taking place on CNBS today, that might come sooner than later