Although Apple (AAPL) reversed into negative territory, it was a good day for the bulls. In fact, it was better in some ways than Wednesday, when AAPL's strength covered up poor breadth and weak small-caps. Today, breadth was almost 2-to-1 positive on the Nasdaq and all major sectors where in the green. Of course, volume was lackluster -- but that is standard these days.
The upward trend continues, underlying support is good, the dip-buyers are active and the top-calling bears continue to be squeezed. Many pundits are convinced that the end of this run is fast approaching, but there are still no signs of any real weakness.
What is most challenging is that there isn't much volatility to trade. In fact, dip-buyers don't even wait for things to turn negative before jumping in. They start buying if we simply pull back from the highs for a few minutes.
All you really need to know is that the trend is still upward and there's a crowd fighting it, which keeps it going. If you want to make money, you have to continue walking the high wire, even though it may seem wobbly. A day of reckoning will come, but we are better off if we don't dwell on it and stick with stocks that continue to elevate.
Have a good evening. I'll see you tomorrow.
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