Wow, another really strong day for Mr. Market. I am surprised, given how long this market has been in overbought territory. The Nazz led the way today (+1.0%), with the help of a very strong SOXX (+2.5%). Volume was well ahead of yesterday's trading, making this a fairly strong accumulation day.
Breadth was solid, with more than 400 new highs on the NYSE. Although I am a bit surprised that this number is still lower than on July 11th, when the SPX was only at 1219. So leadership hasn't really expanded, but those stocks that are leading have continued to run.
Stocks that are reporting earnings continue to be volatile. Several stocks I have mentioned on this site have seen big swings after reporting earnings. The way I approach this is often to take profits ahead of the earnings reports (if I have them), or to put on some sort of hedge to manage my risk. That's just my approach, but it helps to have some sort of plan going into an earnings report.