The Ps ended a smidge higher–just enough to keep them at all-time highs.
The Quack also ended slightly higher. It closed at multi-year highs.
Internally, things still look pretty good. There are a few areas like Biotech that look questionable but for the most part, most areas, like the market, remain at or near new highs
I don’t want to filibuster on a day when after all was said than done, a lot more was said than done.
There are few things worth repeating though. New highs are a good thing. The next most important thing now is for the market to follow through—to keep making new highs. Again, ideally, I’d like to see it blast higher and then have some orderly pullbacks along the way.
As I said recently, my only concern is that the recovery is a “V” shaped on at high levels-the market sold off hard then went straight back up. When this occurs, the market is already overbought when it takes out its prior highs. There’s always something to worry about.
So what do we do? As a general statement, the market continues to improve. As I preach, when a market is at or very near new highs, you don’t want to fight it. Therefore, I don’t see any need to fire off any shorts. As a pullback player, until the market pulls back, I’m not going to see a lot of setups on the long side. Again, this is perfectly normal. So, once again, now is the time to enjoy the ride on any leftover longs that you have in your portfolio and wait before establishing any new positions. Don’t fret. If this is the start of something bigger, there will be plenty enough opportunities to get on board.
Best of luck with your trading today,
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