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.
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.