By lunchtime the day already whiffed of a trend day. This is one of the benefits of running a few hypothetical scenarios each morning—if your most bullish scenario is complete before lunch and the market shows no sign of stopping, you may be in trend conditions.
I took a starter in BIS this morning, at lower IBB prices, which is already taking heat. I could cover and wait for higher prices. I might.
This morning I walked someone through Exodus and on our stroll I was highlighting one item after another that supported the rally. Breadth was robust, all the sectors (sans stupid Utilities) were running, and the Healthcare Sector was leading. Industry scans were bullish as well. I wonder if he picked up on my, “Oh shit, this BIS is going to take some heat” tone.
I worked the short side of the tape around the 4673 level just like hypo 3 called for and managed to make a small stipend before being run out of town by the bulls. Sellers were there working alongside me, but the absorption by the bid was downright impressive. Thus, higher we went.
This is a trend day. Tomorrow is likely an up day too. Giddy up boys!
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2,500 SPX by year end no problem.
Take a look at this chart – i am not a bull or bear but seriously this is something else on the upside no?
http://a.disquscdn.com/uploads/mediaembed/images/2747/8130/original.jpg