An amazing rally. From here I have no idea. Advising caution last night was so clearly wrong I hesitate to venture a guess.
Over bought is an oft-used phrase but that is what we have. Nevertheless, I added a lot of money to existing positions this morning. And tightened my stops so I would get out with a profit on all positions.
The only grit in the grease are financials. They led us up and are currently faltering. Should they continue to lapse one could conclude the market would follow.
Yesterday I suggested that for the bulls to prevail here that sidelined money must shake loose. Evidently that is happening. From here, it is any body’s guess. But I will still protect my profits. Ain’t giving anything back.
