Markets continue to trade higher although off their highs. Internals continue to tell bullish as there are 2,600 more winners than losers.
Best sectors continue to be metals, oils bios, brokers, small caps and tech. Laggards although still green include homies, banks, retailers and reits.
I hear a lot of chatter like "I don't like to see so much strength before the Fed meeting" and I just wonder if too many folks are expecting a sell off after 2:15. Just some food for thought.
Ron Sen put up a worthwhile list of do's and dont's and here goes:
Rule 1. Don't lose money (capital preservation)
Rule 2. Don't beat yourself up. There will always be someone else around to do it for you.
Rule 3. Be patient (with winners) and ruthlessly impatient with losers (how much is enough - that's the hard part)
Rule 4. The market is always right
Rule 5. If you don't have an edge, don't play.
Rule 6. Stick to your discipline (whatever that is)
Rule 7. Listen to your emotions. "If you're laughing you should be selling and you're crying, then you should be buying."
Rule 8. Prepare!
Rule 9. "If 50 million people say a stupid thing, it is still a stupid thing." If it doesn't make sense, it's probably not you.
Rule 10. Take your job seriously, but don't take yourself too seriously. Life is pretty short. My job has taught me that over 10,000 days.
On a last note, how about Nadal and Agassi playing one another next. That should be a terrific match.