Saturday, August 25, 2012

Short term trend

The market made another lower low and it bounced back to the trend average as I was predicting. However, it closed right on the TA so the change of trend did not occur so we'll have to wait until Monday to see if the wave I've labeled X is part of a complex correction or a W1 of an bullish impulse. I went hedged just in case and will be setting my stops to break even as soon as the markets starts its Fib retracement or if it continues to sell off, at this point I am more concerned with protecting my profits more than anything else.

Have a great weekend!

Long Term Portfolio: 100% Long
Short Term Trading Strategy: Hedged with VXX as of 08/24/2012

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