It is so hard to watch good stocks continue to go higher and not be in them. But it's better to let existing positions run and refrain from entering new trades at this level in the market. Yes its very possible i may look back and realize how much farther stocks have run, but i have already been doing that! Thats part of trading. You can't predict the future; and one has to realize that eventually stocks will come down to levels where you do want to own them.
Some consolidation in the market could be just what the doctor ordered for some buy points. But for now its time to be a patient observer and manage existing trades.
No S&P chart tonight, but will be paying attention to the range between 1370 - 1374. We very well may clear out of this range to the upside, but this range could also see some more consolidation.
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