Advance Auto Parts up 16.5% today but hold on before diving in

Advance Auto Parts (ticker: AAP) gapped up today on the open and finished the day  16.5% higher on the news that it was buying General Parts International, Inc for $2 billion in cash. This phenomenal one day advance, however, doesn't look like it changes the longer-term trend for AAP. The stock should bounce to the top of its nearly 2-year trading range but topping formation still looks to be the most likely configuration for this stock.