It Will Not Be Denied

The SP500 is telling us that it will not be denied from reaching 1300. Although it is extended, but it doesn’t mean it will falter and give up on reaching its target. As the number of market participants calling the market top increases, the less likely the market will topple. The Nasdaq broken out and entered the level that hasn’t been seen since 2001. The Russell 2000 appears to be making a run toward 850, and the DJIA is marching toward the 12000 level. Shorting the market here is foolish. Being completely bullish is being negligent. I will continue to be cautiously bullish and take whatever the market gives me. There are so many opportunities that one does not need to hold on to a trade longer than necessary. Any missed potential profits can be made up from other trade opportunities. In this extended market, the longer one holds the position, the greater the risk of being chopped on a sudden reversal.

Here are the updated charts. Click on them to get a larger view and to read the commentary.

SP500:



Nasdaq 100:



DJIA:



Russell 2000:



TBF:



UUP:



MOO: