I've heard the old saying "There are old traders; there are bold traders; but there are no old, bold traders."
I'm inclined to agree. Being an aggressive bear in a market like this is a one-way ticket to the poorhouse. I have become increasingly conservative as this market has continued to explode higher. I'm a big believer in taking losses early. That has saved my skin.
The quantity of all my positions on all my portfolios, both personal and professional, numbers a mere 55 – which is almost flat for someone like me. The kind of market I'd like to find myself in is one where I've got hundreds of small positions. But there's no way on earth I'm going to get aggressive in a market like this.
Earnings announcements this week continue to be loaded with risk. When's the last time GOOG disappointed anyone? With all the lifts lately, isn't it reasonable to expect a huge double-digit price pop on GOOG as well?
I remain in a highly defensive mode. Capital preservation is job one.