Because of my discipline I am able to continue to hold my positions, I have time and capital on my side. I can't stress enough how important it is not to get to big.
Now onto the market analysis:
The /ES has broken through the 1,600 level with strength. The high put in this morning is 1,611.75 as I write this post. Obviously with all time highs, there are no levels of resistance to the upside. The market resilience is very impressive to say nonetheless. There is no fear in the market and with a breakout above 1,600 this market could have an extended move to 1,630 in the short term. Its scary when everyone wants to be long the market. Now obviously I am a bit biased with a overall short position. But take a look at the longer term chart and see what's happened the last decade when markets were breaking out to all time highs:
Is the 3rd time going to be different? |
Where do we go from here?
Good Luck Trading!
In The Money Trades
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