Another stellar day in this uptrend as JPM surprises the market with better than expected earnings. This uptrend has not been well-liked by market participants. The wall of worry has been quite high with fears regarding earnings as well as what low oil prices would do to this market. Now, earnings could come in lower than expectations and Sunday’s oil meeting could cause issues for this uptrend. However, at this point in time this is all noise. We have a strong rally in front of us and we are not going to give up on it just yet. Trade what is in front of you and not what you want to have in front of you. This uptrend remains and we continue to take advantage of it.
Our regional banks plays did well today. Yesterday’s chat room pointed out ZION, RF, and TCBI. Pretty clear breakouts and we will simply manage our exits as time progresses forward. Another stock we have been chatting about is YELP. These could be long term holds, but for now these stocks are coming off bottoms and have offered up a swing trade for now. If they turn into something more great. If not, we will exit and take what we get.
Not much more for us to do other than to continue to execute. We are nearly fully invested and it will be tough to squeeze in new positions. No need to make this more complicated than it needs to be. Keep it simple and stay disciplined.
