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My indicators are showing pretty strong buy signals for the third week in a row, so I’m still cautiously leaning towards the bullish camp. The market seems to be in a really bullish phase and, as I mentioned last week, with a lot of the big names on Wall Street expecting a correction, that probably makes it less likely that we are going to see one actually occur — at least in the very near term.

The American Association of Individual Investors sentiment reading has not been over 50% bullish for the past 141 weeks, so that could be one of the contrarian reasons this rally has continued. Individual investors are just not all that bullish at this point.

They are right to be cautious, though, as I think we are pulling the proverbial rubber band of the market a bit too tight. This is the second-longest bull market in American history, and I think it is starting to get too long in the tooth.

For now, however, my indicators are telling me that this rally is not over, so today I’m recommending a bullish trade on chemical-producer that’s been on a great run recently: Olin Corp. (NYSE:OLN)

Buy to open the OLN Nov 35 Calls (OLN171117C00035000) at $1.15 or lower. 

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