The uptrend continues but the most remarkable characteristic of this market is the lopsided action. There are hardly any pauses or pullbacks within the trend. There is no chance to catch your breath. The indices close at their highs and then gap-up the next day. Trying to find new entries is a major challenge. If you like buying pullbacks you are out of luck.
I've often written that strong markets stay sticky to the upside. There are a number of reasons for that, but market players that are looking for a top generally fail to appreciate it. It just doesn't happen quickly.
What the top callers need to be able to press is a start like this and then a reversal that takes out the lows of the day. An intraday reversal to day lows will trigger some sell stops and allow some bears to press but you can't underestimate the dip buyers that are hungry for opportunities.
I'm carefully managing positions this morning and trying not to sell things too early. The smart move is to let things run but the temptation to lock in some gains after such a great move is hard to resist. I deal with this by making partial sales but the better move would be to be on full margin and then sit and watch.
One very nice-looking chart I'm looking at this morning is Telaria (TLRA) . It is an almost perfect cup-and-handle and is trying to move through the pivot point at $5 as I write.