30 ticks is not what I had in mind -- yesterday's new high was also achieved, yes, on inverted A/Ds. I want to see a slightly better high today or tomorrow, one that I can sell. Not some tepid achievement by some computer algo.
Today is the anniversary of the 666.79 low in the S&P five years ago. Back then everyone thought 500 was the next level. I was a week early in my buying. The toughest part was holding my longs over the weekend amid all the doom and gloom in the media. My friends thought I was nuts. Other so-called traders in a chat room I was in (as a favor no less) actually teased me.
Today, five years later, the headline is Dwindling bears, bulletproof markets and QE that may never end. Oh, and it's different this time because there's a relentless bid in the market because wealth managers continuously need to put money to work (an opinion from yesterday that was recanted today by its author).
There is a 1:1 Fib extension target based on the most recent market action that targets the 1879 area which also lines up with the spot where the current wave of the rally since Monday would be 61.8% of wave one (roughly 1877). So higher targets would satisfy more Fib relationships, and just plain look better, too.
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