Friday, August 3, 2012

This bullish wave

I pointed out yesterday that trends were still pointing up and how it was premature to assume a "top" was in because of the sell off and look what happened today. The market managed to make a higher high and it looks like it really wants to go for 1400s as soon as next week. And technically, the market could be on that Wave 5 I've been talking about since early in the week or on W1 of a bullish Wave 3 so it's still too early to tell what's coming next. What we do know is that all trends are bullish and the market managed to reset some of the overbought conditions from last week, so there is room for the market to go up before being in overbought territory again.

Have a great weekend!

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

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