Tuesday Market Wrap 3/5/13

{+++}  Today began with all eyes turned to the Dow Jones Industrial Average after the index ended yesterday’s session just 37 points below its all-time closing high. However, the anticipation was promptly removed after the bell when equities jumped higher and the Dow marked its fresh all-time best at 14,286.37.

The S&P was no slouch either as it broke through resistance at 1530 and closed at almost 1540.  My best case targets were 1525, then maybe 1550 for the S&P, so we are close if not there already. I”m still bullish, but I am starting to scale out of some stocks and I am tightening stops. There is no better feeling than to be liquid during a pullback. I’m still playing selective longs, but my guard is up around these levels.
I made some moves on the P&L today so check them out if are following along. I also adjusted some stops.
See you all in the morning.
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