Friday, October 29, 2010

Market Update October 29th

The market did not do much today. I was expecting the GDP report to cause a strong move but it basically triangulated all day. On the bullish side, the market respected the level I watch for trend change and there are couple of technical set ups that point higher. First, we have a smaller inverse Head and Shoulders set up that points to 1204 and an small Ascending Triangle targeting 1190. In addition, the market did not test yesterday's low at all so it points to a bullish bias. The one negative I see is that the MACD started to roll over on the 30 minute time frame so we should see a strong move either way early next week. My Elliott Wave count remains the same and it will be validated if we get the trust up or negated if the 1172 low is taken out.

I traded short for a brief moment today but I got stopped at break even. So for the week, I had 4 successful day trades, 2 break evens and 0 loss trades with a return of +3% of the total portfolio. I will be holding cash overnight in the meantime until I see a set up I feel comfortable with.

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