Worries about rising yields and a Greek default would not hold back the stock market making gains today.  Small caps led the day, but it was the S&P 500 and Dow Jones Industrial Average hitting new all-time highs.  Volume was lower, but competing against an options expiry Friday.  The stock market appears to be shrugging off any potential impact Greece may pose if it fails to pay back the IMF. Perhaps the market already is foreshadowing a deal will be in place prior to any default will occur.  All we know at this point is we cannot argue with all-time highs.  We may be “due” for a correction, but this market continues to ignore what some may see as conventional wisdom.  This noise is something we simply must ignore and continue to react to what we know at this given time.  The trend is up and we are going along with it and until this situation changes we will stay the course.

There are certainly plenty of arguments to be made what central bankers are doing to this market.  Sure, we have seen history tell us one thing and it is very possible we succumb to the fate the bears have foreseen.  The other possibility is this crazy experiment works and we continue to march higher.  No one knows the consequences to ZIRP and QE.  If it is going to fail price action will be telling ahead of this possibility.  Do not anticipate a move to the downside just because of a great argument.  Price indication will give us plenty of time to get out of the way and profit from a decline.

In a positive development for the market today was certainly AAPL and Semiconductor stocks pushing higher.  AAPL cleared (platinum subscribers were alerted) a 3 week tight base.  Volume was higher than Friday, but below average.  Semiconductor stocks had a great day.  SWKS and MLNX were two stocks putting in great days with price and volume moving in tandem.  An indication of health of an uptrend certainly can be linked to how semiconductor stocks act.  AMBA is another stock acting nicely as the stock added to its gains.  Not a bad place to be to acquire some nice gains.

We can quibble about whether or not this most recent run to new highs is sustainable.  It seems as if this market is going to make it very difficult for anyone to trade with absolute conviction.  We will continue to highlight the need to have a robust risk management strategy.  Without one you run the risk of ruin.  This is not what we want to see our readers go through.

Stick with Big Wave Trading and let us guide you through the markets.  Gain from our experience.  Keep those losses small and ride your winners.