Technically, the market is a little extended now and could see some pullback tomorrow or Friday, but at the risk of sounding like a broken record, until support is broken and the bears give clear signals that they are ready to take over, you should stay long and continue to ride the trend. Maybe volume could have been a little higher today, but besides that, there are no signs that the market wants to quit just yet. Someday, yes, we will have a significant pullback/correction, but I have no idea when that will be and neither do you. You can look for it, but predicting it can get you in trouble.
There were some strong individual movers today as you might expect. I posted IDT last night on Twitter and have talked about this for the past few weeks as one to watch, and it finally did pop today. Based on volume, this would qualify as a pocket pivot buy point. LULU held up well after gapping up last night after raising earnings guidance but at the same time did not see a lot of intraday follow-through, so we'll have to see how this acts the next few days. I have my stop in place on this position and will let it do its work.
Charts from Telechart, Courtesy of Worden Brothers, Inc.
I am up to six total positions after today (added one more today and one more after-hours last night) and have stops set on all of them. My main account is up a little over 10% so far this year, and although in the past I would have sold several of these names already, I am doing my best to exercise patience and let gains develop in the names I have. It is tough for me to do, but I know it's something I need to work on if I am going to be as successful as I want to be this year.
Overall, today was a good session and the market remains in an uptrend. Right now, being a bit extended, we could see some selling soon, but as long as support holds like it has since the beginning of November, the market is buyable. If things change, I'll let you know. Until then, be patient and ride the trend.