"‘No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation."

A stronger than expected reading of the October jobs report provided more bullish fodder for stocks, as the S&P 500 sat higher by nearly 1% late in the session to close at a new record high.

The trend is up now, no hedges on. Risk on.

Stocks finally broke through, with the S&P maintaining early gains throughout the day to finish at a new high and up 21.25% year-to-date.

"Risk-taking is an inevitable ingredient in investing, and in life, but never take a risk you do not have to take."

The market is still exploring around the top side of the range.

The trend is still down, but only half hedges are on as of today.