The morning got going with a solid report from ADP showing strong gains in private sector job growth. Futures did not react strongly in either direction, but from an economic stand point the more jobs we have the better off we are as a whole. It was clear from the get-go the NASDAQ was going to be the leader of the session. By the close, the NASDAQ was the only index sitting with gains. The Dow Jones Industrial Average suffered the most damage. However, damage was quite minimal even with volume higher across the board. We once again so more breakouts from leading stocks and we continue to stay along with this uptrend. Stick with this trend.
It is hard to complain about the gains here. Many who complain are likely bearish on the economy and the market isn’t going along with their opinion. Sure, the Federal Reserve printing endless pools of cash will likely have an effect at some point. Is it now? Or tomorrow? Timing is important and at some point we’ll see a correction, but why guess? How much money have you lost looking for a correction when you were certain we were going to have one? We do hedge if evidence builds up, but we don’t sell everything and go short. A simple process of identifying trends is where we live and not in the world of guessing.
We have yet to see the numerous breakouts fail as of yet. In fact, we are seeing follow-through in many names pushing higher. Recent IPO breakouts continue to act well giving us a hint this market will continue to march higher. Of course the unknown is how far and how long this will last. At this point we are not concerned with this question because our process will help us identify the most probable point this market will turn. It won’t be perfect and there is a chance we’ll be wrong, but we won’t go against a tried and true system.
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Ride those winners!
