This type of price action reminds me of late summer and early fall 2010, with the market coming out of a multi-month correction with guns blazing. The market is essentially flat today, but under the surface breakout plays are working well, which is constructive. I am also seeing more and more names set up behind the leaders, such as MWW, which has long been a laggard, consolidating beneath its 50 day moving average and looks great on strength.
At the same time, I am not going to get carried away with blind greed. I locked in some huge wins in ISRG and WYNN today, but am eager to rotate that capital over stocks not as extended. The bulls still have some overhead supply to contend with, especially after a steep run higher. For now, though, they are doing what they need to be doing here.
I will have more thoughts in my video recap after the close.
It certainly feels that way. I’m putting my shotgun away and using my 12631 rifle.