Markets are up another 1% today on earnings beat by INTC and JPM. I think there is just too much cash on the sidelines afraid of getting caught at the top and waiting for a pullback just in case earnings season disappoints. Now that we have these earnings beats (not necessarily a surprise), some of them are being forced into the market. The question is whether we continue to get consistent earnings beats. I think Financials earnings will continue to be good given that bonds, commodities and stocks were strong up until the end of the third quarter, while earnings for tech should still be good, as evidenced by the recovery in chip prices since January. Retailers came out with good sales figures for September last week, so they could have good numbers as well. Let's see if we can hold on to the gains by the closing bell. Short of being ultra-bullish, we are clearly at overbought levels for most stocks and the index. I don't expect overbought levels to reverse at a dime though, any reversal would be a few days process. Enough time to get some hedges in... for now let us just ride the wave...


I got stopped out of GLBL and EMR yesterday, and I am re-entering them as the charts seem to be intact.

I added to my position in APWR yesterday (now 10% of portfolio), and it looks to be a good decision. It looks like its gonna breakout of a big pattern.