Will We See New High?

After a day of mixed economic data, the US market closed very slightly higher today as it continued the breakout that I predicted since two weeks ago. So far, my Master's Stock Options Picks subscribers have benefited from our call options picks on the QQQ and SPY since the reversal begun last week, are you?

Today's economic data continued the trend that I have been writing about for weeks, which is, housing continues to boom while the rest of the economic indicators wane. Durable goods orders turned in much worse than expected today while New Home Sales boomed. This resulted in a small rally in the morning and following the release of the New Home Sales data and then a sharp sell off. It was truly an uncertain day as investors continued to return to equities from bonds, raising bond yields across the board while options traders start to get cautious, raising total equities put call ratio once again to near par. Every time the total equities put call ratio movement do not agree with the market action of the day, I take a second look and see what might be the problem and for now, it seems like breaking the new high seems to be not that certain for traders in general who have been more risk adverse for months. However, at this point in time, there isn't any strong market action to suggest that this rally is in any kind of risk and it still looks strongly poised to make new highs. As traders, we trade what is going on, not what we think is about to happen. As such, I would still be pretty much bullish inclined at this moment.

For now, the US market remains in short term, intermediate and primary bull trend.