agreed the trend has been very bullish, but have you noticed that the bull moves have very little volume in a lot of the stocks that general would be well in access of one million only barely reaching 500k by 11am. acknowledge it is august but daily there are great opportunities in most sectors of the market to buy or short.. agree it is easier to have the trend be your friend but I also acknowledge Newtons third law of relativity.
I just play indexes and I always have hedges to keep from getting chapped too badly as we drift up...but my bets are to the downside. If housing comes off we are in for some trouble. $65 oil with flat earnings and if we wake up one morning to 6% bond yields and the neighbor had to drop his asking price to sell his house, there will be wholesale selling.
ER2 has been a beauty to trade adhereing very closely to its S/R levels, bounce off 660 back to 670 resistance and back down to 660. Broke 660 fairly decisvely today before coming back eod above 660.
see good opportunities to short tomorrow as longs take a little profit and considering market is not willing to retreat with oil at 66 area. volume has been very light during the day (up to 1130am) with the market markers having their fun in the after noon.