Happy Lazy Day
I take it the irony of Labor Day being a national holiday during which few people actually do produce any labor has not escaped you. Perhaps when thinking up a good name for celebrating the achievements of the American working class as a whole the other proposals may have sounded a bit too socialist to the less than politically correct contemporaries of the late 19th century. So Labor Day it was and if you are anal retentive enough to actually care about the name then you most likely are the very kind of person who spends that day working. Yes, yes – guilty as charged
Now if you traded along this week then I am confident that you’ll be able to afford celebrating Labor Day in style. Our lottery ticket has now breached 3R in paper profits and I’m trailing at -1 MFE, thus locking in 2R. This was a major bear trap and the potential of new all time highs on the S&P 500 is significant enough to leave this position in the running through the weekend.
Gold actually wound up punching higher but we didn’t get our entry near near 1307 as it seems to have embarked on the express elevator higher. No joy here, ladies and gentleleeches.
However if you were wise enough to be a paying subscriber yesterday then you hopefully took the silver long entry and are now able to advance your stop to break/even. It’s too early to push it any higher than that as we could easily see another shake out. Plus silver has great runner potential right now, which means I’m willing to risk about 0.5R in paper profits for the prospect of a much more extended squeeze higher.
By the way, if you missed this and other fun campaigns then do yourself a favor and sign up for a Gold membership right now. For the cost of less than one single E-Mini handle you’ll get access to all the private sections with my prime analysis, juicy charts, statistics, and of course additional setups.
Alright, I have to run as I have very important business to attend to (ahem). See you guys next Tuesday -probably less bright eyed but hopefully sufficiently bushy tailed.