Buyers are threatening to trigger capitulation on the Weekly:
This is a textbook example of how to exploit soft hands, but with a rather pleasant twist. In what follows, I will explain my feelings about the particular LTC swing, to help you follow what is happening.
I was glad to be rid of the resistance and loaded more.
This manoeuvre makes it possible to get into our opponents jurisdiction, or headquarters (whatever you want to call it).
Momentum triggers, shorts cover and smart money continues to buy strength.
Here I had the unpleasant feeling that I did not have sufficient sizings given the risk:reward...
Here I was glad to see buyers continuing to breach the initial swing target at 64. Sellers having to pack their bags and go home. Resigning because of the disastrous defence.
My impression is now that we are comfortably trading above a 70 handle the highs being taken are simply a matter of time. The combinational style that buyers are using to attack is impressive to say the least, it's in our interest to continue holding the remaining positions and working longs. We will keep an eye on any threats to the swing.
Thanks as usual for keeping the support coming, I trust all readers are enjoying their slice of the pie.