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I heard “DOW 15,000” about 15,000 times today. I don’t have too many doubts that that is an attainable level over the next two years. I do have a big problem throwing a lot of cash at the market here. I said 1370 might be my best case short term S&P target and I stand by that. Apple also tagged $ 500 today. The little trader on my shoulder just tells me that the more people talk about these lofty targets, the quicker we will see a pullback. Investor sentiment is off the chart bullish (most often leads to a market sell off) and volume has evaporated showing lack of conviction. I don’t know if this means the market is just taking a break before a last thrust higher or a pause before the market starts taking profits.
I’m still long ACHN & LULU and sold the last small piece of GNOM today. I am also holding my TVIX position. It gapped through the stop, but because I do think a correction may be near, I am holding and will likely ease in, and average in my cost in the coming days or weeks.
I will be back to day trade mode from the long side here as I won’t be holding positions past the close for now. That will change, but I want a pullback first.
Have a great night and I will see you all in the morning.