Is ES Finally Breaking Out?
Mike Paulenoff | May 14, 2015 03:05PM ET
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, which runs through 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 (NYSE:HPQ), Alibaba Group (NYSE:BABA), Twitter (NYSE:TWTR), Freeport-McMoran Copper & Gold (NYSE:FCX) and Barrick Gold (NYSE:ABX), to hopefully participate in the thrust).
Then again, the majority of my intermediate-term work is warning that a forthcoming breakout likely will represent the final upleg off of the Oct. 2011 low.
If that proves to be true, then I'm bracing for a sharp, vertical upmove that is relatively short-lived, 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 Futures (ARCA:UVXY).
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