As we enter the end of August and the summer heats up, equity markets are even hotter, says George Tkaczuk. The Nasdaq stands at 14-year highs, the S&P is at all-time highs as it nears 2,000, and the Dow is just about 17,000. The broad participation of the indexes illustrates the strength underlying this market. General breadth indicators are all strong, with the advance-decline lines, and various key sector ETF’s hitting new highs as well, thus confirming the bull market. The small-caps and European equities are notable laggards but have been firming up. Steel stocks such as STLD, AKS, and X, which have notably underperformed the last few years, are breaking out to new highs. Old technology stocks such as MSFT, INTC, BRCM, and MU, are also hitting new highs. In an environment like this, Tkaczuk advocates the old wisdom of Jesse Livermore, compelling traders to make money by sitting and not get drawn into over-trading.