Good markets tend to stay sticky to the upside. Even when there is a good reason for some profit taking or consolidation, there will be strong support. What happens is a large group of folks on the sidelines become annoyed that they have missed out on a recent rally. They refuse to chase stocks at highs, but they are willing to buy very shallow dips.
One of the great paradoxes of trading is that many market participants want to own the strongest stocks, but they refuse to buy stocks that are hitting new highs. It is impossible for a stock to be a major winner over a long period of time unless it trades at new highs quite often.
Despite that obvious fact, many people tend to think of stocks like they do other things they buy: They want a bargain when they buy groceries, consumer goods, and even real estate. A bargain means that we pay less than the highest price.
Do not get too hung up that a stock is at a high and doesn't feel like a "bargain." Often times, it is best to take a position and then worry later on about taking advantage of weakness.
I'm staying focused primarily on shorter-term trades Tuesday, as we await the Fed news Wednesday. I don't know how the market will react to the Fed, but there is a likelihood that the decision will produce increased volatility, and I'll be looking to trade the reactions.