Upsy Daisy!

It’s not that the bears ever had a chance, did they? Renewed effervescence on the equities side and the spoos (as well as the cash S&P) conquered the 1700 mark for the first time ever.

Yes, there was that NLBL long entry at 1,695.25 – if you grabbed it then there’s nothing really for you to do until we hit some type of upside resistance (of which there is none right now) or we drop below that NLSL at 1,677.25.

Somehow the Dollar hitched a lift as well and the Bernank is not pleased. Let’s see, we have two SMAs less than a handle away – one pushing sideways and the other slowly descending now. Then there’s that NLBL at 82.5 which is only a few pips ahead. Good luck pushing through all that ole’ bucky. Hey, we’re all rooting for ya – but I don’t like that face on Papa Smurf.

Now if you missed the entry on the ES then you may be able to catch one at the YM which seems to be aiming at following the ES higher. Your long trigger here is 15,564 and I would take a small position size with a generous stop below the NLSL at 15.419. I know that sounds a bit much but we may get a bit more whipsaw to shake out weak hands, plus it would not be atypical for the YM to take off here after two weeks of pushing sideways.

The EUR/USD of course on an inverse trajectory and that NLBL I proposed yesterday held up famously. Now if you bothered to play a short position near the NLBL then you may want to start scaling out now as it’s approaching a still valid NLSL at 1.31763. And that one remains valid through tomorrow at the close.

I did actually run into some very juicy setups – in particular one of the LT ones has me very excited:

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Cheers,