Friday, March 9, 2012

Market Update

The market almost managed to get to 1376 today but it started rolling over on the MACD that I track. So there is a good chance (30 min MACD is about 80% right-sometimes this MACD crossover happens during W4's, so that would indicate one more impulse left.) we will see further selling on Monday that will get us to at least the Fib retracement area. With that said, the market confirmed a trend reversal so it's risky to stay short if we get a bearish that ends up with the market closing above the TA. Whatever the case, we should see substantial selling next week and we should get a clearer picture of where we are headed for the rest of the month. There is also a chance that today's high (or Monday's) might form the neckline for an inverted Head & Shoulders and if that is the case, watch for the 1352-1355 area for a right shoulder formation. In a way I would prefer that since it will be a clear pattern but we'll just have to wait and see. I am staying put with my vix positions and today I added some shorts at 1374 and trades were logged as follows:


Have a great weekend!

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