kaltbaum on market and lnkd

Firstly, service put out LNKD at $117.33…with the stock currently almost $124. The company reports after the close. There was no cushion in EXPE so service told you to sell. EXPE first gapped up…faded before the open and has pulled back. There is a small cushion for LNKD. Thinking the best move is to sell half position into earnings…thus taking some gains and pulling some risk off.

 

As far as market…let me just say that we are probably seeing what I call a momentum high…which means market can go higher but fewer and fewer stocks will be working thus eventually leading to a correction. Does not mean anything bad. Market is just ripe to pull back some here…and now seeing evidence.

 

1) Possible top in German Dax…that has been leading.

 

2) Possible top in the Euro.

 

3) A bunch of stocks breaking 50 day average already.

 

4) Most everyone bullish. Saw two idiots talking dow 25,000 and one guy even mentioned dow 60,000…but he did mention it would take time…gee thanks.

 

5) Looks like some stalling action now up here in this range for major indices.

 

6) Growth, on a relative basis…stinks.

 

Lastly, notice I have added nothing in past couple of weeks meaning fewer and fewer set-ups…which typically means getting closer to some pulling in. But right now…not going further than that. Keep in mind, the permabears will be out in droves on the first down day.