By: Scott Redler
The time to get excited was February 5th when the market staged an outside reversal WITH volume! Then, on the week of February 26th the market absorbed a huge amount of bad news and held firmly. Further confirmation happened when the market broke out of a bullish wedge on March 1st. That was also the day that IBD put this market back in a confirmed uptrend.
All this and somehow NOW IS WHEN EVERYONE ON T.V. GETS EXCITED AS WE CROSS 1,150?!?!? By now we’ve seen enormous moves in many of the market leaders…big time moves in many of the stocks we’ve been focusing on here: AAPL, AMZN, GOOG, BIDU, RIMM; the Three Amigos: CREE, VMW, ISRG; the credit cards, the banks, the metals, commodities, casinos and the list goes on…
There is a time and place to get excited. Only be excited if you can sell into strength as the shorts get squeezed. And now retail looks to come in and buy the professional’s stock as they finally chase the move that they feel they are missing out on. BTW for all you sales guys out there, take no offense to the “sales traders” line in my volume rant–it was just part of the article. I love you all!
P.S. General Electric (GE) looks ready for the move that it has three times a year:
Fortress Investment Group (FIG) from yesterday should get over $5 today:
And Blackstone (BX) looks to trade over $15:
And that Intel (INTC) move still has some room: