We had some momentary weakness on a weaker-than-expected Philly Fed number, but earnings were solid and there isn't any rush to lock in profits yet. I suspect that the bears aren't inclined to jump in in front of tonight's major earnings reports.
From a strategic standpoint, it makes sense to fade strength on tonight's news since we'll be even more overbought, but there are plenty of overanxious bears who seem happy to serve as short-squeeze fodder.
I've been a net seller this morning, not because I'm bearish but because I'm being disciplined in locking in gains while I have them.
Recent favorites Flotek (FTK) and Halozyme Therapeutics (HALO) continue to run, but my methodology is to pare back when they have multiple up days.
We're hitting the highs of the day and the squeeze is on. There are plenty of reasons why this market should rest, but as I keep pointing out, these uptrends can be remarkably sticky to the upside. Even if you recognize that, it can be very challenging to find a supply of new buys.
