The PowerShares Clean Energy ETF (PBW) is gently pulling back from its all-time high set one week ago.

Selling short near current levels does not carry a very attractive risk/reward ratio, but waiting for an eventual bounce that fizzles out does.

As the new year begins, Deron Wagner points out that it's a good time to take a look at the "big picture" of the longer-term weekly charts of the major indices.

Market Vectors Gold Miners ETF (GDX) is showing a marked to market gain of just over one point since Deron Wagner's December 26 entry, and he expects momentum to pick up further in the coming week.

Deron Wagner reminds traders that the major indices are still showing bearish "head and shoulders" patterns on their weekly charts, which hold more bearing than the shorter-term daily charts.

Deron Wagner notes that PowerShares Clean Energy ETF (PBW) is the strongest ETF in the entire stock market right now. If a decent retracement comes after the new year, he'll be stalking PBW for a potential buy point near support of its recent breakout level.

Monday's bullishness shoved each of the main stock market indexes back above their respective 50-day moving averages. If they can hold there for the rest of the week, it may help the market's bias going into the new year.

Deron Wagner views last week's strength as merely a counter-trend bounce within the dominant downtrend that has gripped the broad market in recent months.

Deron Wagner cautions that the erratic behavior of stocks on "triple witching" options expiration today is another good reason to avoid new trade entries.

Deron Wagner concludes that the present is not a good time to be trading on either side of the market. The lack of follow-through caused by diminished volume levels makes it difficult to catch a trend that lasts more than a few minutes.