We continue to see positive action from this market and our holdings. Biotech was a big weight around the NASDAQ’s neck. Plenty of biotech names were hit hard and the entire group continues to have a tough 2016. Volume was mixed with NASDAQ volume was higher and NYSE lower. The Dow hit 18,000 today, but was unable to hang onto this level. The entire market had a tough last hour of trading as sellers hit the market. We did avoid distribution and a little pullback has never hurt. We will continue to execute our strategy as this uptrend continues and let the naysayers keep missing out on opportunities.
It will be interesting to see if the number of Bulls has grown week over week. You would think more and more would hop onto the bandwagon. We have yet to see the number of bulls in extreme territory in quite a long time. This uptrend has not been the very best we have ever seen, but we have been able to extract gains. So many have missed out because they let their opinions get in the way. Regardless of what you think about the market go with the prevailing trend.
The only real negative is the lack of thrust this market is showing. It would be nice to see this market power into a new highs rather than just simply inch higher. We will trade what the market gives us. However, it would be nice to see some power.
Keep your losses small and let your winners run.
