The indices continue to trend higher on breadth of 4800 gainers to 2650 decliners but the real action is under the surface again where there are pockets of outstanding strength. It is downright frothy in places as traders are chasing strength and have over 800 stocks hitting new 12-month highs.
I'm feeling a bit overwhelmed as I have so many trades that are working well today. Number one on the list continues to be Trine Acquisition (TRNE) which is exploding higher in anticipation of approval of a merger with Desktop Metal next week. Two other SPAC names that approved mergers - QuantumScape (QS) and Luminar Technologies (LAZR) - made huge runs after they changed to new symbols, and traders are looking for lightning to strike again with TRNE.
In addition to TRNE, I've been adding to some names such as Modine Manufacturing (MOD) , Aurinia Pharmaceuticals (AUPH) , Opko Health (OPK) , AquaBounty (AQB) , Pacific Ethanol (PEIX) , Evogene (EVGN) , Merrimack Pharmaceuticals (MACK) , and others.
This is just a great trading environment right now because the primary focus is on the price action in individual stocks rather than macro-arguments or the technical condition of the indices. You just have to find good setups that are attracting attention and the trades work from there.
Keep in mind as you gorge on good trades that it is extremely important to keep your accounts as close to highs as possible. Harvest some profits along the way and make sure you don't give back too much when the inevitable turn does come.
I'm going to keep pushing for more as this sort of action has a tendency to persist longer than seems reasonable but I'm not going to start anticipating any sort of collapse.