Stocks have blasted through new highs completely disregarding election drama and focusing solely on the Pfizer news. Indeed news of a 90% success rate in the vaccine has fueled a risk on frenzy. It is really difficult to “crystal ball” what’s going to happen other than to say that a retracement is likely at some point. This news seems highly dubious and when that is priced into the markets we could retrace the entire move and then some. I’d be highly skeptical of this move. That being said, I would also not get in the way of this freight train. If you have an existing stock portfolio you should be singing right now. But I would also consider taking profits. We have just found resistance at a Fibonacci Extension level, which may prove to be a retracement. The Kovach OBV is incredibly bullish so there is a lot of meat to this rally.

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