The Roaring 20's

It has been an unbelievable run in the large-cap tech stocks, as the portfolio managers have been moving their bets into a smaller and smaller circle of names. After what could only be described as euphoria, 10% annual growers have had their stocks wildly bid. To start, Microsoft (MSFT) stock is up almost 40% from the October lows. After testing prior highs earlier this week, it looks like Mr. Softie is taking a few days off.

Apple (AAPL) is breaking the trend line in price and relative strength (purple area chart) compared to the S&P 500 for the first time since the rally started.

The Nasdaq 100 (an umbrella name for the Nasdaq top 10) is also letting go. But perhaps the bigger story might be the double top forming in the world's latest parabola.

You may prefer the 30-minute view. The declining volume on the retest of the high is an excellent warning sign that we are running out of investors at these highs. Trying to call the top in a parabola is never easy. Figure out a way to keep your gains! The dates on the chart below are all after the original spike high. This is just examining the retest of the highs.

Good luck out there - the euphoria is tremendous, but, I might suggest, a breather is coming, with today being Options Expiration day.