Tuesday, July 24, 2012

Short term bearish trend confirmed

The market failed to bounce and instead it made a lower low at 1329. And if the market breaks the previous wave low of 1325 the weekly will turn down and odds will favor a test of the 1300-1310 level again. The short term trend has turned bearish and the market must need to gain back lost ground quickly to maintain trading in recent levels. Looking at the waves it seems like we might get a bounce as soon as tomorrow to the TA but with Apple missing earnings, the mood will favor more selling.

I made an adjustment to my portfolio to reflect the trend change.

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

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