We have been calling for stocks to rally toward record highs into mid-June. Stocks continue to rally and our heavy exposure is a risk for short term corrections. It's encouraging short term that the Oil rally is supporting stocks helping to confirm the continuity of trend. Additionally, as we have said before, there are few news events between now and the FOMC meeting June 14th & 15th; in fact news may not be a factor until Brexit approaches on the 23rd , since the odds are extremely low for a Fed rate hike on the 15th. Put/Call ratios on the longer 20 day moving average (dma) may enter the strong overbought zone if prices can maintain higher levels until late next week or the following week. Many stock patterns have been breaking out generating an unusual 80% exposure level. Half of these are pure commodity plays using ETF's. A correction in the stock market of about 5%+ becomes more likely along with the odds of a Fed rate hike in July as we move closer to late June/early July. July FOMC meeting is July 26-27.