MarketSpeculator is currently on his way to my home state in Maui so I get to pick up the commentary for now. Trust me, it will not be as good as I do not have time to waste your time. On that note, let’s get this started.
The stock market had what I can only describe as an epic session today, with all major market averages blasting higher on extremely strong volume. This move was confirmed in every single ETF, inverse ETF, leveraged ETF, and inverse leveraged ETF. Total confirmation across the board. Everywhere. This means that our NEUTRAL condition in the Russell 2000 is now back to a BUY mode with the rest of our market models. This means that our small hedges that remain in SQQQ/SRTY (less than 4% of total accounts capital) have to come completely off.
On the long side, tonight was full of signals that I can go ahead and give to everyone as I am already 100% fully invested on the long side coming in to today (minus that 3%+ hedge in SRTY/SQQQ). With one full sell and two partial sells yesterday, I am going to move that money into a leveraged ETF position that is available to subscribers on our ‘new positions’ page. That capital, however, is less than 3% so its not like a huge position is being taken as it can’t be taken with no more available capital. The remaining possible long positions I recommend traders take based on breakout or pocket pivot point signals include PCLN AXP SFI PGI FINL CPLA NVDA CSGP CBS to name a few. There are more but these are the best signals tonight.
The bottom line is that this market is in a powerful uptrend with no negatives weighing on my model currently. Our models, as of right now, are in full-on BUY mode with nothing pressuring these signals. That can easily change tomorrow and we are ready for it if it happens. I just would not count on it, as long as QE is in effect. One day, the uptrend will end, but until it does you got to ride this cash cow higher.
Today was the most bullish day I saw since October 2011 when the market staged a powerful reversal off the lows on extremely strong volume that was confirmed everywhere in every index and related ETF. The first trading day of 2013 wasn’t as bullish as that day and wasn’t as bullish as today. In fact, I can’t remember such a powerful session in an uptrend above the 50 day moving average hitting new all-time (or multi-year) highs since 1999. That is right. 14 years ago. The uptrend of 2003 didn’t have a session like today and neither did 2009. Both of those years saw stocks rallying after a bear market so it was clearly a little bit different then. Being near all-time highs and seeing a session like today. Well that hasn’t happened since 1999. A wow day indeed.
Anyways, there isn’t much to say that you haven’t already heard today so on that note I am out of here. Surf is finally down but will be back up HUGE this weekend and this is why Hawaii and especially Maui is no ka oi! This is why MarketSpeculator is coming here. OK I am sure I will have to do more of these later in the week. Until then, aloha and have a lovely Thursday.
