Leading Stocks Go Vertical In Go-Go Market
60 minute charts
Go-Go Leaders
See what we mean? All of these stocks started to pullback however that pullback was contained to the 20-day average. Now look at them again, see how abnormal they look right now compared to their overall trend? Up Up and Out Of Control.
In Summary: Given that the market has been up for 8 consecutive weeks there is no way we can feel comfortable going hog wild on the long side. Instead, it’s all about the managing of putting new money to work risk wise and we are not going to get sucked into that kind of chasing buses mentality.
There will be a time soon and that is when we will feel good about going into some of the current leaders for a trade. In the meantime, those of you who own some of those extended go-go names mentioned above, think about locking in some gains. We are not saying to sell ‘em all off. It’s just good business sense to consider selling partial positions. Remember bulls make money, bears make money, and pigs get slaughtered.
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