The title of this post says it all. One doesn’t need to know much more than the fact that new highs were made in many indices today. And not just those run of the mill 52-week highs, we had all-time highs in the Russell 2000, S&P 600, S&P 400, Amex Composite (XAX), Value Line Index, etc. The BKX ,S&P Retail Index (RLX) and the Cyclical Index (CYC) are nearing the all-time highs which they set just weeks ago.
The Nasdaq, for its part, notched a new closing high for the year and looks like it’s completed a year-long cup & handle pattern.
The semiconductor sector continues to lag as evidenced by the fact that it closed below its downward sloping 200-day moving average once again.
Despite the smelly SOX it sure feels like we’re in for a melt-up for the rest of the year. I was really tempted to book some profits today, especially in CME and MYGN, but I’m going to follow the note taped to my monitor and just keep trailing my stops and/or take partial profits. I think it would be worse for me to miss a move higher than to give back a portion of my current profits.
