I liken the action on the Nasdaq for all of 2012 much like the strength off the 2010 lows from Aug – Nov. We then saw a pause that really didn’t retrace much and then shot much higher. It feels very much like that “wall of worry” now as it did then. Stocks are behaving very bullish as earnings continue to surprise to the upside. I fully expect the pause to be brief and then continue to rally.

Stocks showing up on my scan tonight are LO V ADS ¬†with a few others that are extremely overbought. I remember highlighting LO back in early 2011 when it was around $100 and today it touched a high of $127.68. This is one of those classic examples of stocks that just don’t pull back.

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