The risk remains high in terms of the risk/reward for starting new medium term positions.
Being nimble and day trading or small swing trades is working for me. I am taking bigger positions in stocks that I would hold during a pullback, such as the dividend payers such as XLU, PFE, INTC etc., but am taking profits on good days such as today.
Other stocks such as KORS, SNDK, SOXL, TNA are performing well for smaller sized day trades. I close them when they make some money and reconsider the risk reward environment.
If you can’t watch the ticker all day, and you want to keep your portfolio stable, cash is a great place to be right now.