Wednesday, August 1, 2012

More of the same

I will be the first to admit that I was wrong in my prediction of a Fed rally, the market had a small negative reaction but it was short of anything substantial. However, I wouldn't discount the ECB announcement or the real reaction to the Fed statement tomorrow. The market continues to trade in a W4 and after 3 days of correcting, the bears have failed to make any serious advances, so unless the market gaps down to test the TA tomorrow, the market is ready for a bull run.. and then it will test the TA. It's now officially 4 months since the correction started so I think it's game over for bears unless we see a bearish miracle that sends the market under the 50 day ma which is looking unlikely.

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

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