Our plan going forward is to stay swing long any break-out from a good base but short extended SPY (average short 114.3). If SPY keeps grinding up and breaks out of 115 we will be long additional breakouts in the coming days and thus the overall pain will be minimal. If we reverse tomorrow and we get stopped out of GMCR RIMM then our SPY short will hedge some of the lost profits.
Many good traders we know often put on similar hedges on an intraday basis -- something we don't usually do, but putting on an index hedge against your long swing momentum positions in an overbought market makes sense not only in protecting your gains but also psychologically aids one in staying with the plan and not getting shaken out easily.
Going to resistance from a very extended manner with light volume -- would be very surprising to not at least pause at 115 area.
Note the long base in contrast to the lack of base in SPY
Note long solid multi-month base in contrast to SPY
On a side note: it feels great catching a good breakout with many other traders on Stocktwits. Good stuff.