Saturday, September 1, 2012

Rally next week?

So the Bernanke finally spoke and again he made it clear that Q3 will happen if things get worse, which is not really all that different than what he has been saying. So now it's up to the market to guess if we will have bad job numbers so Q3 can be unleashed. So far the market seems to be holding well around support and on Friday it tested the trend average in the last minute of trading before closing 3 points lower in less than 60 seconds. And despite closing under the TA, the chart looks bullish with the inverse head and shoulders set up and a possible W1-2 in place. So next week we might see 1426 challenged if the market can capture the trend average. I was very tempted to hedge again just because of the close below the TA but I decided to just leave it as is because of the pattern on the charts so we'll see if rolling the dice pays out this time..

Have a great and safe weekend!

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

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