Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
Finally, ES is Breaking Out... Or is it?
Here we are again. Another moment of truth for the e-SPM bulls, who are pushing up against a series of prior highs starting with The High at 2119.25 that runs through this hour in the vicinity of 2111.50.
If hurdled and sustained, the potential is there for a powerful, vertical upside continuation that rockets the e-SPM quickly to 2130-2150, and perhaps considerably higher (which is why I am positioned long in Hewlett-Packard Company (HPQ), Alibaba Group Holding Limited (BABA), Twitter, Inc. (TWTR), Freeport-McMoRan Copper & Gold Inc. (FCX), Barrick Gold Corporation (ABX), to hopefully participate in such a thrust).
Then again, the majority of my intermediate-term work is warning me that a forthcoming breakout likely will represent the final upleg off of the Oct 2011 low!
If that proves to be true, then I am bracing for a sharp, vertical upmove that is relatively short-lived, and which will be followed by an equally sharp, vertical decline (and is the reason why I want to try to be protected or hedged via the ProShares Ultra VIX Short-Term Fut ETF (UVXY).