Weight of Money

This week did indeed see volume pick-up as money flowed into the market, threatening a sharp break-out. We still view this event as unlikely at this particular time. The market is currently on trend for an approx 30%+ appreciation for the full calender year, even with the vast money printing, we find it hard to believe the market could break into a steeper rate of growth. However, we cannot ignore the market action that relentlessly presses up every day. Our position now amounts to 13 contracts on the short side. If the market does indeed rally above 1488 we will reduce by 5 contracts and then place a final stop at 1498. We are also   altering our target price to any price below 1440, where we will take full profits.