Our current strategy is to remain long stocks and to be prepared for future profit taking events.

I also mentioned that traders should be looking for a long trade in gold, silver and related miners. The space is oversold and sentiment is negative but the dollar is in rally mode which creates headwinds to a rally.

I truly believe that the next rally in the metals will be supersized and if the miner to metal ratio comes back to historic levels, the place to be for supersized profits will be the miners. The fundamental picture is very bullish in the metals long term. Once this dollar rally ends, the miners will rocket higher but, like all the other declines in this bull market, emotions will be tested prior to the next big move higher.