Hold The Champagne

While many are celebrating blowout earnings, this is your friendly reminder that bull moves tend to end on good news, not bad. The day is beginning with a gap up and a festive mood. I would not be surprised to see the day end with a whimper.

I am of the firm belief that what everybody already knows is not worth knowing. Who does not believe earnings will be better than expected? Who is not bullish already? Will today's earnings reports really change anybody's mind? My trading experience is that when such a strong consensus has formed, a trade becomes very dangerous.

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