Market momentum continues to run very strongly, breadth is strong at around 4,100 gainers to 2,450 decliners, there are nearly 700 stocks hitting new 12-month highs and the pockets of speculative trading remain robust.
If you are looking for something negative to say about this action about the only thing you might argue is that the action is too positive. It feels a bit frothy as the S&P 500 pushes into new high territory and market players worry more about missing out than being caught in a reversal.
Ultimately what matters the most to me is the action in individual stocks and they continue to be very strong. What is particularly positive is that the speculative action in the bitcoin related names has broadened out. Yesterday it was the China names that came alive and today we have chips and big caps like IBM (IBM) making big moves.
I'm holding more positions than I'd like right now so I'm trying to trim and consolidate a bit. It's extremely easy to take profits too early when they are running like this. My Stock of the Week and ETF of the Year, ETFMG Alternative Harvest ETF (MJX) is exploding higher, biotechnology name Sangamo Therapeutics (SGMO) is breaking out on news, BlackBerry (BB) to new recent highs on news, MLP's like Energy Transfer Partners (ETP) continue to bounce and sleepers like Hexnindai (HX) are waking up.
I'm so busy managing existing positions I have been unable to spend much time looking for new setups but one I added today is recent IPO Iclick Interactive Asia Group (ICLK).
This is a great market for traders now. Don't squander it by worrying too much about how long it can last. Trade the price action and ride the momentum.