Monday’s trade was again indicative of the “dispersion” trade still playing out. As I left it yesterday for Monday was that minute 4th waves remained in progress — and that may still be the case – but both the NQ and ES broke Friday’s highs which suggests that the 4th waves are complete and are heading higher within minute 5th waves. Or, the minute 4th waves put in an irregular “B” wave of minute 4 and need a “C” wave down to complete the 4th waves and launch the minute 5th waves to come. Second view – the minute 3rd waves have yet to top out and continue to extend with wave 5 of minute 3rd waves is still needed before the 4th wave begins. Third view would be the minute 3rd waves completed at Monday’s highs and are now working through minute 4th waves. Bottom line — upside is not finished – corrections are coming in shallow – the “dispersion” trade continues to push the index components higher. Tomorrow pre-market @8:30 AM Retail Sales @9:15 AM Industrial Production @10 AM Business Inventories.