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April 20, 2011 – Comments (0) | RELATED TICKERS: SPY

As of this writing the S&P is up 1.38%, Dow at 1.5%, and Nasdaq up 2.01%.  Clearly the day is in the bulls favor with no signs of slowing down.  The markets have erased everything lost on Monday when the U.S. was downgraded.  On a trend day like this the markets will have a big up candle in the open and then slowly melt up the rest of the day.  The melt up makes it so the market doesn't chop but also means that if you didn't buy in yesterday you've missed the big run up.  The problem with missing the big run up is the urge to chase all of these high-flying stocks.  Days with big movement create big emotion which makes for bad trades - don't give yourself headaches by chasing.  On days like today we just enjoy sitting back and riding the wave higher.  Currently our portfolio is up 2% so we are content with letting it ride for the rest of the day especially since this is an established trend day.  The recommendation here for getting into new positions is to wait for tomorrow as this will give the market time to digest what happened today and make a more sound move going forward.

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