My sentiment update

What we witnessed recently could have been a legitimate capitulation that came at the end of wave 3.  It is possible that wave 5 has now started.  Some of the leading stocks are exhibiting that behavior (e.g. CMG - Chipotle Mexican Grill) is up a lot in the last few days and continues to be strong.  The stock is, however, approaching an all time high so I will wait to decide whether I want to get in.  I am still skeptical of this rally (but that is how wave 5 can get its momentum since I am sure there are a lot of other people like me watching this rally from the outside).   The indicators I use to determine market direction may actually peak by the time we overcome the 11000 resistance point and get to a previous high.  I think I might end up sitting this run out.  But I couldn't resist getting back into Sprint (S) with Nov $4 calls for 0.92 cents.  I have not made much money in this stock but the lure of a big hit always sucks me back in.  The new 4G phone launch date was announced (June 4) and should translate into a lot of new accounts for them.  The new HTC EVO phone also will support video conferencing (and has 2 cameras).  I will probably jump back to Sprint if the price is right...