Nasdaq Continues to Lead This Strong Move Higher

"In bear markets, stocks usually open strong and close weak. In bull markets, they tend to open weak and close strong." -- William J. O'Neil

NEW YORK (TheStreet) -- We saw great action today, as markets continue to move very well. The Nasdaq continues to lead, which is always a good thing -- even though it has been some time since we've seen it happen.

I continued to buy stocks and am into margin now, which is always fun.

When things turn good, I get heavily invested quick.

I'm holding about 10 stocks now, and they are always reserved for subscribers. That's on the upper end of my comfort zone, since I find it hard to really be focused on that many. But hopefully I'll be stopped out of a few positions in the near future to reduce the load.

That said, if all my stocks continue to rise, it's not the end of the world. There are much worse problems I could have....

When it is quiet, it is quiet. But when it is busy, it really takes time and full attention to get the job done. The window for making money isn't always that big and we have to take advantage of it while it lasts.

Let's move right into the index charts.

The S&P 500 SPDR Index ETF (SPY) is continuing nicely higher, straight past $198 as I suggested to subscribers was likely since the Nasdaq (QQQ) shot straight through resistance a few days ago.

This is great strong action, even if it is on lower volume.

For now, it remains all clear -- although we are nearing overbought and could see a little rest for a few days shortly. That would set up new buy points and be a great thing to see.

Enjoy your evening.

At the time of publication, the author held no positions in any of the stocks mentioned.

Follow @iTraderz

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.


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