Wednesday, July 25, 2012

Market Update

The market failed to make a lower low today which alleviates the bearish damage in the last couple of days. But at the same time the market could just be taking a breather before plunging into the abyss. And looking at the chart, one could argue for a bearish or bullish nested set up so this couldn't be more 50/50. I think the test will come when the trend average gets tested, if the market manages to capture the trend again then this was all just a correction. But if the market can't get past the TA then odds will favor lower lows.. for now, I think the bears have the best chance to make their case in the next few dats. The Feds will be meeting soon and there will be a big rally a day or two before it due to the Q3 expectation.

Long Term Portfolio: 66% Long
Short Term Trading Strategy: Sidelines

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