If Fridays action was a rallying ending reversal day as I think it was, then the following highs reached intraday on June 6, 2003 should hold as the high for the move. Do not buy anything until these highs are surpassed or until we have a 10% pullback whichever comes first. The highs are: DOW 9215.88; S&P 500 990.14; NASDAQ 1646.01

Today might have been the end of the rally, or at least an excellent time to take profits on a 20% plus move in the averages. We sold SNE and, GLW from our model portfolio. As for the Dow, these stocks have lost their MOJO (to Quote Austin Powers) and did not even participate in this tremendous rally--- MSFT, IBM, JNJ, MMM--they are the true Dogs of the Dow. Avoid these like the plague.

Todays action looks like this rally is for real. After pulling back to the 965 support area, the S&P 500 reasserted its climb to the 986 level. If your stocks have not taken out Mondays highs, do not buy them, watch them very closely. Take profits on underperforming stocks, look to add to those stocks making new highs.

Fakeout or Breakout? The S&P vaulted over the 965 area this morning like a hot knife through butter, and closed in the 967 area. However the Dow as we told you catapulted to the 9000 area and sold off sharply at the close. Many stocks were a lot higher at 11 a.m. than where they closed. The highs for your stocks today must be used as a bench mark. Do not buy anymore stock or add to any position unless todays highs are surpassed sometime in the month of June. If they are not, than this is it for the rally! We can always buy a big pullback, do not chase anything at these levels.

Model Portfolio Update- Long AETC@$2; current price $2.06 HOLD; Long GLW@5.50; current price $7.31-Hold, too late now to add to position; Long SNE@24.63; current price 27.34-Sell half of position and hold the rest; Long KROL@23.75; current price 23.22-Hold and look to sell below 22.90-this has been lagging in the rally; Long LEXR @$6.50- current price $7.40--Hold or add to position.

On Friday 5/30 the S&P 500 traded as high as 965.38 before settling at 963.59; A close above 965 and the Dow could easily run to the 9000-9100 area; a failure at 965 and the Dow could trade down to the 8400 level. Look for strength at the beginning of the month.... The closing prices at the end of June are crucial for the rest of the year in my opinion.