The slow, steady push higher continues. The biggest positive is the big supply of folks kicking themselves for trying to call a turn and not being bullish enough. It is easy to understand the inclination to look for this market to top out, but this action will wear down even the most confident bears after a while.
We have very good breadth in the early going with 3500 gainers to 1500 decliners. Solar energy is leading again and I'm still puzzled about what is driving that group recently. Chips, steel, oil and retail are all doing well, while small-caps continue to outperform in general. Gold remains the worst of the sectors.
I'm trying to stay with long positions and I continue to find it hard to put much new money to work. I took some Zix (ZIXI) this morning and I'm holding things like Netflix (NFLX), Proto Labs (PRLB), BioMarin Pharmaceutical (BMRN), Sarepta Therapeutics (SRPT), CVR Refining (CVRR), Unisys (UIS), Solar Capital (SLRC) and Ocwen Financial (OCN). I'll give them room as long as they hold support, but I'm not going to hesitate to sell if there is any change in the character of this market action.
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The conditions for some sort of push due to seasonality are there, but recent technical damage is severe.
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