I read briefing.com - a subscription news service. I get the Platinum edition and read "Live In Play" in real time and overnight. So mirabile dictu ! This morning I see that Cramer says "a non-conservative but rational price estimate would be $900" for GOOG. I think that proves that he must read this blog [ hehe ;-) ] since I smacked him recently for being a wimp with that $701 price target. For many moons I've posted that GOOG is worth $900. Oh well, he's right this time :-)
I got a bit embarrassed pumping that stock so often here for many moons when it was around $500. It just bounced around awhile, but that's what stocks do as all remaining sellers are slowly erased. From the weekly chart you can see it's in "blue sky" country now and is coming off a huge multi-year base with multiple bullish continuation patterns [ascending triangle and cup & handle]. I have a good bit of it and plan to hold them awhile That's how the big money is made in a bull market.
Yesterday the beefers were playing ping pong with the energy stocks. They like to play with those, probably since the ETF is liquid as are its big cap components. XLE reversed up midday and closed in "blue sky" country, too. The weekly chart shows a multi-year base from 50 to 60 and the move this year cleared that base and the uptrend continues as a bullish cup & handle formed on the weekly chart and broke up yesterday.
I started a position in BNI [1/3 of a full position], the railroad stock, yesterday. See yesterday's "PS" comment for details. The chart formation is a bullish pennant after a break up out of a consolidation base. So now I'll wait and try to get a good entry for the rest the position using the time diversification principle to reduce my risk.
It's a bull market. Buy dips in strong stocks & groups. Hold them until something changes.
PS: Here is the strategy I laid out in response to a question yesterday in the comments. This is intermediate term thinking for the next three months or so. I added some [ ... ] clarifications.
"I'm as long as I want to be. When I sold some stocks in September when I posted them [the sales], I was about 200% long [before the sales]. Now I'm about 140% long. I have a few stocks I plan to sell into this move to get me to a point to 125% long.
"At that point as I close down my commodity account as the T-bills roll off [to cut "retirement" stress], I will be 100% after adding the commodity cash to my stock account.
"If we get dips in stocks I like I'll buy some. Or if I identify more strong stocks or groups. So I'll ride the trend as long as it looks OK and my thinking is not changed by news.
"I plan to sell some stocks that are becoming long term gains in a few weeks. I have big gains in them. [These sales refer to my cutting from 140% long to 125% long mentioned above.]"