Editor's Note:

I have to issue my mea culpa tonight. I truly expected the market to see some sort of sell-the-news reaction to the QE2 news on Wednesday. When I saw the rally on Thursday I knew there wasn't going to be a correction. Now that doesn't mean we won't see a correction some day. The market will correct. Unfortunately, I don't know what the catalyst will be to spark any serious profit taking.

Our market bias is bullish but we don't want to buy new highs. At the same time waiting for dips has not been very effective - at least any normal dip. Instead of adding new plays tonight I adjusted the entry point for almost all of our current watch list candidates. With the new format you are seeing tonight I plan to add a lot more to the watch list.