The Nasdaq is up for the sixth day in a row Wednesday and hitting another new all-time high. Breadth is running 5,100 gainers to 2,050 decliners and there are over 550 stocks hitting new 12-month highs.
Strength is in financials, healthcare, industrials, and precious metals. There aren't any notable pockets of weakness although Walmart (WMT) is a negative in the retail sector.
Small-cap speculation continues with a variety of stocks finding interest. Bitcoin (GBTC) is looking very strong technically and that is helping blockchain names.
There is some intraday fade in the action as market players are looking a little tired of chasing strength. The list of stocks at intraday highs is shrinking but I expect to see some strong support.
I'm a buyer and a continue to look for new merchandise. I added to a position in K12, Inc. (LRN) , which is trying to break out of high tight flag pattern. I've been holding a token position in Disney (DIS) for a while and with the big move there today, I will start looking for additions to that position. I expect it to dip but this momentum is what is needed to create good underlying support.
On the speculative side, I'm taking a position in drone maker AgEagle Aerial Systems (UAVS) under the $3.20 level. The company just did a registered direct offering at $2.90 including warrants, which should provide support in front of some anticipated news.
It can be tough to be patient in a market like this and let winners run but respecting the trend is the way to go.
(Disney is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells DIS? Learn more now.)
