It’s an epic tug of war and the bulls are regaining control.  The boobirds have been squawking for the last three days, sensing they might finally be right – they aren’t.  Yes, markets have to pullback, and there is no doubt there are cracks in the veneer of the rally, but the underlying fundamentals are getting better.   This means a major overall to valuations and assumptions will happen over the next thirty days as the United States and the world reopens. 

Keep that in mind, as there are other elements to the underlying rally story than free money.   With that in mind, winners are moving fast, which present other challenges from chasing to when to cash in – even if you bought on the notion of holding for more than a week.

I mentioned the NASDAQ 100 this morning, and it put up a serious fight this morning – fending off efforts to take it below the longer term trendline.

Folks, this index is only up 2% this year. There is value here, and at some point, the crowds will come back.  It helps that there were so few weak sisters, brothers, aunts, and uncles.

We hiked targets on a ton of ideas.  I am going to take some profits, not as an indictment, but to be disciplined and have dry powder to take advantage of renewed gyrations.

By the same token, I want to be close to fully vested and to keep finding new ideas.  The Hotline ideas are moving faster than designed, but I’ll take it.