In spite of geo-political events, the S&P 500 is on a run again. Earnings season has given traders and investors some good data this week and the market has run with it. Wednesday saw the S&P 500 close at an all-time high of 1987.01, surpassing the previous record set on July 3.

The last year has seen the S&P 500 put in new highs 58 times. With interest rates at historically low levels, and the Fed maintaining its stimulus program, traders and investors continue to go to the equity markets for return on their investment. The bulls have had a nice run to the record levels without too many retracements along the way.

E-Mini Trade

2000 is the next level many market participants are looking for. The current market exuberance gives me a feeling that we could see it before the weekend. I like buying the August E-Mini S&P 500 2000-2020 call spread at 7 points ($350.00) or better. Risk is limited to the cost of entry plus fees and commissions. I looking to take advantage of a further move up, and have an exit target of 17 points. If the latest bull run slows down and we don’t see a push to 2000, I am looking to limit my loss to 5 points.

Webinar

For those interested Walsh Trading is holding our weekly grain webinar today Thursday July 24 at 3 pm central time hosted by our Senior Grain analyst Tim Hannagan. Tim has been ranked #1 by Reuters and Bloomberg in 2011 and 2012 for his most accurate end of year price predictions for soybeans and corn. Registration is free and if you cannot attend live, a recording will be sent to your email upon signup.

RISK DISCLOSURE: THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES AND OPTIONS TRADING.  THIS REPORT IS A SOLICITATION FOR ENTERING A DERIVATIVES TRANSACTION AND ALL TRANSACTIONS INCLUDE A SUBSTANTIAL RISK OF LOSS. THE USE OF A STOP-LOSS ORDER MAY NOT NECESSARILY LIMIT YOUR LOSS TO THE INTENDED AMOUNT.  WHILE CURRENT EVENTS, MARKET ANNOUNCEMENTS AND SEASONAL FACTORS ARE TYPICALLY BUILT INTO FUTURES PRICES, A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES AND OPTIONS CONTRACTS.