All Time Highs In Sight

The vehemence of one of the most hated and ignored market rally in financial history continues to baffle its detractors and is now on the brink of challenging all time highs on the S&P 500 Cash. Nevertheless I still see traders galore looking for excuses to engage in contrarian entries – every – single – step – on the way. Which only leaves me with echoing Ed Seykota’s sentiment on the matter:

Win or lose, everybody gets what they want out of the market.

There is a good chance the S&P is going to push into virgin territory by the end of the week. Damn – I wish I would have hitched a ride on this one…

Oh wait – but I did – and fervently hope that some of my intrepid readers also managed to grab a seat on this speeding freight train. I just advanced my trail to around 3R in juicy profits which happens to be a few ticks < the most recent spike low on the ES.

Crude is still treating me well and my trail here has been inched higher to 1.5R. Better than a kick in the shin but I hope this one finally gets out of the gate now.

Cocoa did a cotton and stopped me out at ISL. I think I’ll put this one on the LT watch list for now until it finally picks a direction.

The Dollar is also picking up a bit of mojo and my brand spanking long campaign has already jumped to 1.5R MFE. My stop is at 1.1R right now which may be a wee bit tight but it’s at the stage where it either runs up higher or reverses for yet another retest of that dreaded 96.5 mark.

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