{+++}Another good day for the home team as we locked in some more profits in yet another pretty dull market until about 3:15 when the buyers showed up.We also, by the way, tagged 1150 and closed there.
Because of the velocity of our picks I am taking some profits rather quickly. Why? Because we are in nosebleed territory again and I have seen failed breakouts before, so I want to grab the gains. I have added new names tonight that look like they’re in breakout mode, so we will try and ride them for a bit. Of course it depends on the market cooperating, but it did close strong and we don’t have too much data tomorrow other than Michigan sentiment to get in the way.
The financials continue to lead, Apple is flagging bullishly..again, biotech is rocking and the depth and breadth continues to be great. You never know when the first guy hits the sell button so we have to be cautious here, but there is no reason to run for the hills yet either. Picking tops can be as dangerous as picking bottoms, so until the market sends us a signal, there is no reason to fight the tape.
I moved SQNM to a buy at around $8 this afternoon and it is now on the list. I moved it from the higher level based on the excellent action in the biotech sector. The stop for now will remain at the $7 area.
Please check the P&L tab for the new additions.
Hope you had a great day and I will report back tomorrow.