In the wonderful movie Master and Commander, Russell Crowe's character sees that the Acheron, the enemy ship, has managed to sneak up on him yet again. "This is the second time he has done this. There will not be a third."
I decided the same thing about /ES earlier this evening. Although I was short, I was quite concerned about the strength I was witnessing when the /ES was up 4.50 points. I reversed the position (purchase price=814), and I also bought into 25 /NQ at 1256.89.
The pullback from last week's strength was short-lived, and with a general target of about 1050 on the S&P, I need to be more bold with my /ES (and /NQ) long positions. The first couple of times I've gone long I only took a couple of points. That needs to end. I need to take a bigger piece out of the move, which means wider stops and more patience.
Both positions have, just in the past couple of hours, moved nicely into the green. I think I'll do a post tomorrow on why I'm feeling more comfortable in my bull suit these days. It's an important topic.
