Shazam! We have been watching the 4550 area as a long term target if the Nasdaq had legs. Well, those legs grew quick thanks to Google
and Amazon earnings
after the bell. We were not on this ride. We waited for an opportunity to get long and never got a deep enough pullback...that's trading. NOW WHAT? What ever you do...don't chase
at these levels. This has been one monster move and with this pop we think we could see some profit taking on Friday. For now we sit on our hands and wait but will watch for a meaningful pullback. Stay tuned.