Been waiting a while for this one to finally run. Nearly every Tom, Dick, and Harry stock has been caught up in speculation – heck even China solar stocks are now back ‘en vogue’ so it is about time. Heck DryShips (DRYS) might even begin to run – it’s fall 2007 again!
Now the tough part – how far to let this run with a market on a heroin high, drunk on dreams of QE and weaving all over the highway at 120 mph. It is so difficult to pile into stocks here, even the ones breaking out as the S&P 500 is up 120 straight points in 5 weeks!
Still hoping for a move to S&P 1170 (let’s do 130 S&P points!), hopefully on ‘better than expected’ weekly jobless claims tomorrow. I’d probably sell a good batch of Polypore International (PPO) once we get there – if we do of course.
Disclosure: Long Polypore International in fund; no personal position