Monday, August 6, 2012

1400 target reached

I fist mentioned the SP 1400 target on June 15th when the market was about to recapture the 50 day MA and today we finally reached that target - if we round up 1399.6 we get 1400 :-) and now the next target will be the year's high which is 1422. I decided to label the latest wave a 5th and now I expect a proper Fib retracement and a test of the trend average. If key support levels hold, specially the TA, we are on to new highs for the year. If we lose the TA then bears might still have a chance but for now it's all about enjoying the market ride.

I shorted to hedge today but closed positions a bit too soon but still made enough for
my starbucks coffee fund for the next two months.

Long Term Portfolio: 100% Long
Short Term Trading Strategy: Shorting intraday extremes, closing same day

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