Tight, yet bullish tapeStocks gave the bulls slight pause this morning with a small gap down but managed to march higher throughout the day and close on the day's high up 0.35%, retesting yesterday's highs of this almost 3-week rally in the market. The S&P 500 futures have been trading in a tight, 10-handle range between 1110 and 1120 for a third day now.
I have very little to add other than this thought. I have been mentally prepared for a pull-in around this level but it almost seems as though one may not come. I have been slowly scaling out of some stocks, now fully flat the SPY and AMZN in particular. Meanwhile I'm picking up shares of some midcaps I like. I have seen nothing worth shorting other than perhaps some extended leaders (PCLN, NFLX, CRM, AMZN) but even then, I don't see that trade as worthwhile. That would count as "hard money" in my book, to quote Laz. I would much rather wait for the pull-in and look for the next, much larger move. Apple (AAPL) is quickly retaking leadership of this market closing over $270 today.
Linkfest:
Pimco Betting Against Deflation, Really? ~ Shocked Investor
Missing Best & Worst Days of S&P 500 ~ The Big Picture
Poll Shows Investor's Distrust ~ Crossing Wall Street
United States of FIRE ~ The Reformed Broker
Updated Housing Prices vs Rent, Median Income ~ The Big Picture
Brandon R. Rowley
"Chance favors the prepared mind."
*DISCLOSURE: Long AAPL.