Surprised, and Impressed, by the Rally

This market certainly does not want to go gentle into the weekend. A surge of buying has hit the big-caps this afternoon. We'll see if it holds into the close, but I see $183.80 on the SPDR S&P 500 (SPY) as very tough to breach now. I am both surprised and impressed by this rally. Economic numbers this week haven't been stellar, nor has the overall earnings picture, and nothing overseas has changed much. But here we are within a stone's throw of all-time highs on the SPY again. I can only conclude folks believe that Fed Chair Janet Yellen is very dovish and quantitative easing will continue for quite some time. If this doesn't get the "Buy the dip, any dip" crowd fired up this weekend, I don't know what will. Who knows, maybe we'll go out on new all-time highs.

I had Silver Standard Resources (SSRI) as a Best Idea on Real Money Pro. While I still like the stock and the company for the long term, it is time to take that one off the table after a more than 50% run in just a few months. I have sold my long-term position in SSRI. I still want to be involved in the name and the sector, so one of my studies over the weekend will be look at put-selling ideas to get back into these minors at lower prices. And if the prices should stay up here or continue to rise, I'll simply pocket the premium and continue the search....103 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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