This market is a freight train... working on 8 straight sessions of wins.
Just over a week ago we opened a long term put position with 1.5% of our portfolio as insurance, as the S&P was broken down - below the 50 day moving average. 6 sessions later the S&P is up 5% and all moving averages have once again been conquered.
I said instead of holding this put position until January 2010, I'd sell on any break over 1100 and already we're there. So we're going to take the 60% loss and save the last 40%.
Resistance at S&P 1100 appears to have been breached as I type this without more than 30 minutes of proving any sort of wall. . The word resistance has become a joke.
We asked if it would be a double top, or double top breakout... looks like breakout yet again. Same trade...over and over... and over... and over... for 6 months. For now we're back into our normal long index positions, and I'll use S&P 1098-1099 as a stop out level.
This move we've had since March surpasses even 1999 NASDAQ. I am amazed at the relentness nature of it. Even in 1999 we had some big swoons, from time to time, just to keep the bulls in line. Not in 2009.