I made sure to get back in the market at 100% long for the morning rip to run. For the sesh, I finished at RECOURD highs +166bps for the day. There isn’t a bearish case to be made; however there is divergence in the overall breadth and of course an off chance we might trade lower tomorrow.
It’s hard to be too cautious or bearish here, due to the overall set up.
My bias is for a heavy tech position here but it will be short term. On longer term accounts, I see nothing wrong with a balanced portfolio of high EBITDA companies but with an express underweight allocation into basic materials.
Overall, I’m pleased with my feel for the tape and hope I can extend my YTD gains into the best months of the calendar year to close out 2024.
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