Interesting market day, with the Nasdaq up sharply at the open, then reversing for a 1.3% loss before rebounding for a 0.7% gain. Apple and Tesla led the way, with Microsoft, AMD and Facebook all up more than 1%. All five have earnings Tue-Wed. $AAPL $TSLA $MSFT $AMD $FB (1/

But a lot of growth stocks had some wild swings. A few hot stocks just powered higher while others gave up gains and then rebounded somewhat. Software did not have a good day. Chips were mixed. Cyclicals sold off. ($FCX, $EMN, $CAT due this week.) (2/

Nasdaq is now 8.2% above its 50-day line, a new high in the Election rally, though not at the late Aug./early Sept. peaks. (Nas is 4.1% above its 21-day EMA) So the risk of a pullback remains high - with higher odds that any pullback could be larger. (3/

Earnings season, high bullish sentiment and a lot of froth in some areas add to the risk. There's no need to be defensive - the market is working - but be prepared. (4/

Many growth stocks had nasty (if short-lived) reversals today when the Nas was down just 1%! If the Nasdaq had a 3-day sell-off like in early Sept., how would your portfolio react? More importantly, how would *you* react? (5/

FYI: I decided Sunday that my own exposure was too high - way too high. So I decided to cut back Monday. Luckily, I took advantage of the strong open to bank profits in some volatile IPOs and cut loose some weak performers. I'm still heavily invested, but no longer on margin. (6/

Perhaps I'm too worried. But because I *am* worried, if I did nothing I'd be highly vulnerable to a market pullback AND prone to panic selling, esp. with stocks I don't have conviction in. So I game planned for portfolio management and my delicate psyche. (7/

But that's me. You should be reviewing your portfolio consistently. Make (and update) a game plan that works for *you* and follow it. (8/8)