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1) Don’t marry ANY stock because at the end of the day, they ALL disappoint. Trust me, if you don’t know this, study history or you will learn the hard way.

2) I have no problem riding trends and trading stocks all the way up. In fact, one of my favorite quotes is: “Just when you think a stock can’t go higher, it usually does.” What I do have a problem with is when people say: “I am NEVER, EVER selling the stock!” People said the same thing about the big cap tech stocks in the late 1990′s ($DELL $CSCO $INTC $WCOM $MSFT $EMC $YHOO), and rode them all the way up…only to ride them all the way down.

3) Apple is a PHENOMENAL company with earnings and sales that are off the charts. However, it’s not exactly an undiscovered story! The company will grow its $100 billion in revenue next year, but it CANNOT sustain +80% sales growth. Again, it will grow, but the growth rate will eventually slow.

4) Don’t ever say “This time it’s different.” Those are very dangerous words.

5) Sorry for the reality check, but the current big cap growth stocks ($GOOG $PCLN etc.) will eventually become dead money…just like the prior big caps.

6) For those of you who think Apple is immune to a market selloff, let me remind you that it corrected -60% (from $200 down to $80) during the Bear Market of 2008.

7) I spoke to a few people today who have owned Apple since it traded in the single digits. I asked them when are they going to sell, and they replied: “NEVER!” This worries me because the same mentality that causes you to ride a stock up, also leads you to ride it down.

Again, I have absolutely nothing personal against Apple. I am simply trying to remind people to eventually think of an exit strategy or at least lock in SOME profits along the way up. You are more than welcome to send more hate mail, but it doesn’t matter because people are going to do whatever they want anyways. I sincerely hope you make a fortune with all your trades, just keep in mind that ALL stocks eventually disappoint, which is why you should NEVER marry a stock.

$AAPL $CSCO $DELL $EMC $GOOG $INTC $MSFT $PCLN $WCOM $YHOO

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1) Although the volume on the NASDAQ Composite was higher than the previous day, if you remove the 500m shares that $CSCO traded above its daily average, the overall volume is actually LOWER than Wednesday’s volume.

2) When looking at the other major indexes: the S&P 500, the NYSE Composite, and the Dow Jones Industrials all had lower volume than on Wednesday; another sign that the selling was not severe. As my friend Michele Schneider (@marketminute on Twitter) pointed out, the volume on the $QQQQ $SPY $IWM and $DIA were all lower. These are ETFs that track 4 of the major indexes.

3) The major indexes closed fairly high in their ranges. It’s a sign of institutional support when the indexes open low and make their way higher throughout the day.

4) As another friend pointed out (@CubbieBears on Twitter), the NASDAQ Composite closed above its 10-day moving average; an area it’s held since this rally began on September 1.

5) Many TRUE big cap leaders such as $AAPL $BIDU $FFIV $NFLX held up well today and some of them were higher on strong volume.

6) I say TRUE leaders because I don’t consider $CSCO $DELL $MSFT $INTC leaders anymore. In fact, they have been dead money for over 10 years now. While they are all excellent companies, keep in mind that “Wall Street wants to see growth.” I have no interest in owning any of these companies because they’re simply too big and can’t sustain high growth rates.

7) I always say: “Pay attention to your stocks!” If I only looked at my stocks on Thursday (without looking at the indexes), I would have thought the major averages closed up for the day. Why? Because I finished up for my clients and the majority of our stocks finished positive on the day…once again proving the importance of strong stock selection.

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