The Higher We Soar

It is Friedrich Nietzsche who we attribute to having said that ‘the higher we soar, the smaller we appear to those who cannot fly.’ He actually went on to coin several other flight related quotes, but as ole’ Friedrich kicked the bucket in late 1900 I doubt that he actually ever boarded anything resembling a real aircraft. Because had he done that he would invariably have rephrased it to ‘the higher we soar, the smaller appear the ones [on the ground] who cannot fly.’

Clearly and rather understandably being a product of his time Nietzsche contemplated flight from the perspective of an earth bound observer. Because I can tell you from personal experience that if you are the one soaring high you give little thought to whoever may be looking up. For one most of your attention is squarely devoted to maintaining elevated in an environment that human beings have no business being in without the aid of sophisticated technology. For the other flying is way too much fun to contemplate 19th century existentialism.

Now one may wonder what exactly it is that inspires this rally to continue its unrelenting ascend higher and higher. Last Friday we were prepared for the worst and our long campaign indeed came close to meeting its more than timely ending. But it was not to be and the mid session spike low did not manage to take out our trailing stop below 2349, where it incidentally still stands right now.

Gold has also continued to soar and I was tempted to raise my trailing stop by a few handles but then changed my mind and left it in place below 1245. The reason is that I am in it for the long run as gold may be able to claw its way up to the 1300 mark . We have nothing but air above and technically speaking this is probably the best long opportunity since 1140.

On silver however I raised my trail by a few ticks to < 18.2. The upside potential here looks less clear on the surface. This is until you realize that the upper 100-day BB is now starting to rise and will most likely be pointing up strongly by the time prices catches up with it. Which may open the door to a trend trade scenario after an obligatory corrective shake out.

Apparently some news on Scotland holding a second independence referendum through a giant monkey wrench into our GBP/USD campaign. We got out easy with about 1R in profits which is however a pittance as we were up 2+ last Friday. Easy come and easy go as they say.

Of course I had to keep the one setup I like today for my intrepid subs.

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