No Surprise

The public ought always to keep in mind the elementals of stock trading. When a stock is going up no elaborate explanation is needed as to why it is going up. It takes continuous buying to make a stock keep going up. As long as it does so, with only small and natural reactions from time to time, it is a pretty safe proposition to trail with it.

~Quote from Reminiscences of a Stock Operator (Jesse Livermore)



Instead of ending the QLD trade, the market reversed direction and shook out some more weak hands. This gave the QLD trade another 1.8%. Pile it on. We'll need it later when we actually have to take a loss since the CMI has proven that nothing goes up in a straight line. But if the market wants to provide a straight line, it would just be rude not to hop on for the ride.

The bull in the sidebar is still alive and well. For how long, no one knows.