Futures are set to gap higher again this morning, and value has gone exploring higher. Last night I was tired and expressing my disdain for the barrel of monkeys my portfolio has become. Today I love said monkeys and wish to harbor them into the day.
One of the biggest mistakes swing traders make is over thinking a trend and bailing on it too soon only to look back mouth agape at the profits they left on the table. I didn’t do that with The March of The Chickens (PPC) and it made my year. Now I intend to do the same for any degenerate position who wants to continue to run.
The market is going to have to really force me out, either by definitively breaking the 9EMA or by closing below it. Otherwise, we’re going on a gorilla raid of the shorts.
TAKING TO THE PROFILE…I’m so glad people enjoy this. As you can see, the S&P 500 has gone exploring for sellers, and price will continue higher until a stronger force of selling is met, because most short term resistance has been cleared. We want to see buyers hold their ground at yesterday’s high first and foremost, but that could be wishful thinking an excessively bullish. Next level is 1432.25 value area high, if this areas breached we have to be on the lookout for a rotation down to the point of control (highest volume traded at price yesterday) at 1430.75 then things get slippery down to 1427. It would be clear the sellers have stepped in hard if they can sustain trade below 1427 and could be your cue to raise cash if you’re very long.
Otherwise, if we continue higher have some fun, pop into RaginCajun’s bomb and squeeze screens and find something that fits you for inflicting pain on short sellers. These are simple market times, simple but never easy. Stay nimble because we have The Fed speaking today too.
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