Monday, October 8, 2012

Market Update

The market correct a little more than ideal today in the sense that it went into the wave I've labeled as Wave 1. And under orthodox wave counting, this breach of Wave 1 territory would invalidate a 5 wave structure. However, since I have my own system here, I am continuing to label this a Wave 4 as long as the trend average holds. And looking at the MACD, it seems like the market will be ready for another upswing as soon as early tomorrow so we'll see if this coming bullish wave will take this year's high of 1475.

Long Term Portfolio: 100% Long
Short Term Trading Strategy: Closed VXX @8.98 as of 10/01 at break even.

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