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Well, the market seems to want higher levels. I don’t buy it at all. I raised many stops tonight(if not all stops) because I want to protect profits. When it gets too easy, it is usually the top. We will go higher in 2011 in my humble opinion, but we need a rest. It would be a great thing technically for us to correct, as things are overbought and bullish sentiment is at RECORD levels. However this could run for another week or two.
As you guys know, I hate earnings season. It’s when stocks become really bipolar. I try to reduce a position in a stock if we are long, the day before earnings. You guys have helped me immensely in the past with notifications on earnings reports. I do miss them, and it is YOUR job to know when earnings are being reported, I usually am on top of reports, but because this is a strictly technical site, it is not my major emphasis, so let’s work together on that front.
I want to welcome all the new subs. Just so you know, you can email me anytime. I answer every email personally, although it may take a day or two to get back if it’s a generic question. The Chatroom has taken on a whole new personality, and I urge you to check in if you can. There are so many great people and great ideas that are exchanged on an hourly basis. Most of these folks will become your friends. All good people, salt of the earth.
There are no new names tonight as we need to manage what we have. Good luck tomorrow. I will see you in the chatroom.
Joe
P.S. I have updated the P&L as always, I have raised our stops. Also, lol, every date was 2010, I changed all the ‘sell’ dates to 2011, none of you caught it. I totally missed it. Complacency?????????????????????? Careful out there.