As we wrote:
I will take some long exposure off the table (on the index instruments) as we reach over S&P 1129. This is a "grind up", not "break out" type of move in the market. I expect any 'correction' to be mild - if it is allowed to happen - and to hold S&P 1120 as we outlined in the weekly summary.
And is if the market is guided by the magical hand, down we fell to S&P 1121s this morning (in perfect harmony); before we are lifted right back to S&P 1125. Still no volume but the perfect technical pullback is complete and our march ever higher can now continue.
Frankly the "correction" (haha) was so quick I did not even have a chance to buy back the exposure I sold over 1129 below 1122 as I had hoped to do. The S&P tagged 1121.93; I am obviously slowed by the holidays and a market that is putting me to sleep. Oh well, it is now past 10 AM which means the regular market is done for the day, and we will just go into full High Frequency Trading mode where thousands of orders each second are traded back and forth among the same few thousand computers, with rebates collected by the millions for providing liquidity while no one is actually here trading but retail daytraders.
Onward.
p.s. yesterday's intraday NYSE range of 36 points was the smallest in nearly 3 years. Volume was the lightest of any non holiday day of the year. HAL9000 wins.
