Friday, September 16, 2011

Waiting for Correction

The market technically started its correction on couple of technical indicators I follow but the price action doesn't really reflect it just yet. And while we might see even more upside on Monday, I think the correction to the TA should start early next week. And maybe that wave will finally give us a clear idea of what the market intends to do for the rest of the month. I don't think the European issue is anywhere near from being resolved and fundamentally this should be considered a counter rally. But I am not going to argue with the trend, I am just going to trade it. I am going to start tracking % performance of this system on a weekly basis and since July 28th trading the system mechanically would have yielded +17.2% while the S&P 500 is -8.4%. I think my biggest losses have come from trying to analyse the market, so it's better to leave it to numbers primarily.. I'm actually surprised how well this system is performing.

Have a good weekend!

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