Bad Read

Talk about a bad read in the premarket futures. Right from the open the bulls took control and they're taking a lot of stocks and sectors up along for the ride. Waiting to buy the typical morning dip sure wasn't the right plan of attack.

According to my screens, sectors with the greatest percentage of stocks making new highs are drugs, defense, tobacco, media, airlines, and financials. Buyers are also focused on REITs, internet, energy, chips, and precious metals. Improvements in emerging markets (Russia & Brazil) are also helping contribute some bullish bias.

I wish I could say I'm long and strong in this rally, but I'm not. Making matters worse is that I don't have the convenient excuse of not finding good trading setups. If anything, it has been difficult to remain focused on the right stuff this morning. In sum, I seriously hope you're performing better than I am at the moment!