Saturday, September 22, 2012

The market put in a slight higher high on Friday and it formed an inverse head and shoulders that targets 1482. However, there is now a bearish crossover on the MACD so we have a similar situation to Thursday where there are cases to be made for both bulls and bears. However, the main indicator I use which is the trend average continues to climb and like I said a few days ago, if we get the TA tested (which it did on Thursday) and it holds then it leaves the market room to go up. I am hedging still as I think a more substantial correction is due in order to bring people on the sidelines on board.

Have a great weekend!

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

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