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).