The market closed slightly off its highs of the day but the action was extremely strong and today was a clear win for the bulls. Breadth was well over 2 - 1 positive and volume jumped sharply on the NASDAQ which is what we want to see on a day like this.

Semis made a monster move tacking on 2.46% however the SMH (semiconductor holders) could not recapture its 50 day moving average and will prove as an important milestone which we will be watching closely.

We were very pleased to see such strength today after maintaining our bullish bias in fact of yesterdays sell off. It is always nice to be rewarded for a thesis that plays out. In fact it was the biggest day of the year at Shark HQ and we remained very busy throughout.

As the trading wound down, we did quite a bit of partial selling in client accounts as we have had a very good run and dont want to give back any profits into potential dips. We still feel that many are not fully participating in this run and follow through is possible due to performance anxiety. Well gladly accept any further gains but we will remain quick and nimble should Mr. Market show up with that 2x4 to make sure we remember who the boss is.

Have a good evening.

RevShark