Tuesday, September 18, 2012

Correction over?

The market made little progress to the downside today and looking at the MACD and the wave count we could see a bullish wave as soon as tomorrow. I currently have the move from 1475 to 1456 as an A wave so we should be able to verify this if the next bullish wave behaves like a B wave as opposed to a yet another 5th wave. The trend average is rising fast and it is now at 1446 while the 50 day MA is closing in on 1400. The longer the market makes insignificant moves to the downside, the more bullish this market is going to get.

Long Term Portfolio: 100% Long
Short Term Trading Strategy: Hedged with VXX @8.98 as of 09/13

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