It's fair to say that with the broad market indices at five year highs, caution should be on every investors' mind. Now is the time to be reaping from your existing positions, not taking on many new ones.

A lot of people on the Street think that a correction is inevitable, but when stock prices are in a solid upward trend, it takes a lot to slow the train down. The benchmark indices are all trading above their moving averages, so I think the upward bias will continue for a little while longer.

So, what are some market sectors to put on your radar screen right now? Alternative energy did very well in 2005, but this sector is taking a rest right now. It is difficult to justify taking on new positions in oil and gas with commodity prices at their peak. Even gold and silver stocks have already appreciated significantly in value. (I'd still think about Goldcorp in this market because it is one of the best gold stocks available on the market and the spot price of gold is likely to keep going up.)

One area of the stock market that seems to be rolling over right now is semiconductor stocks. Just about everyone has some sort of technical gadget already, and the industry is fairly saturated. Still, the semiconductor sector is highly cyclical so its worth watching this sector over the coming quarter to see if it keeps trending lower.

You can get rich buying high and selling higher, but it is often easier to buy when prices are low and wait for them to go up. Everything transpires in waves of enthusiasm.

Now, another area to be looking at is the telecommunications sector. This is an industry that's recovering nicely, not only because revenues are growing again, but costs are under control and profitability is way up.

Finally, the medical technology sector is another area to look at if you are considering new positions over the near-term. There are lots of companies in this sector with accelerating earnings.

My "gut" feel about the stock market right now is that it really does want to keep rallying. I don't have a sense of when it will end, but like most analysts expect, we are very much due for a correction so be prepared for this over the next several months.