A quick follow up on last Thursday's market note.

Tuesday's action was awe inspiring. Nasdaq up 274 on very big volume . . . AND, closing at the highs of the day. Very positive, at least for the short term.

Look for more buyers continuing to pile in Wednesday, barring unforseen circumstances.

Expect some modest profit taking to take back a small portion of yesterday's gains.

If the market gaps up, I would be a seller into the strength.

Fly in the ointment? Apple's not inexpected preannouncement of disappointing 1Q results. This is just the kind of test the Nasdaq needs: Investors managed to shrug off Xilinx (XLNX) and LSI yesterday, so who knows?

Here are the buys from that Thursday; Traders can take profits, long term holders can sell half:

Thursday's Purchases

Stock	Purchase price	Upside targets	Close	Comments
QCOM	81-83	99	99	Up 22%; Traders sell half; still more room to run
SEBL	69-72	92-99	90.2	28% gains; Nearing sell target but willing to hold for the another 10% move towards 100
JDSU	50-54	66-68	68	36% gains; sell half (I like the fundamentals long term, but its going to get unsustainably pricey)
CREE	56-60	84	75	27% gains, but Pigboy is looking for more upside.
CTXS	24-26	38	29	21% gains, slow and steady is better long term: Holding out for mid 30s.
*MUSE	73-76	115	120	60% gains in less than a week! Spectacularly frightening numbers. Sell some, all, most. (If you're disciplined, you will sell all of it!)

-Barry Ritholtz

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