The market seems to have completed 5 waves at this point and now I am expecting a pullback to the TA at some point next week for a W2 (likely) or B wave. This bullish wave creates the possibility that we are seeing the beginning of a 5 wave impulse but we will need to see confirmation by seeing the intermediate trend turn bullish as well. Also, notice how the market followed the lines I drew on Tuesday, the close was 100% on the dot.
HSI is rallying and there's a good chance it will be making a new high for the year :) I bought back VXX today (perhaps prematurely), so hope we get the pullback as expect early next week to make some Christmas gift money on them..
Main S&P 500 Trends
Short Term Trend = Bullish
Medium Term Trend = Bearish
Long Term Trend = Bullish
Long Term Portfolio
- 100% Long in Red Chips traded in HSI (Mainland China stocks traded in Hong Kong).
Short Term Trading Strategy
- Bought 500 VXX @30.77 on 11/23/2012
- Bought 500 VXX @31.54 on 11/20/2012 - Stopped out @31.11 on 11/21/2012. = -0.43
- Closed position 500 @ 18.26 on 11/20/2012. Sold 500 @ 17.79, raised stop to break even on the other 500 as of 11/19/2012. Bought 1000 XIV @15.98 as of 11/15/2012 on margin - position trade cost improvement 4 cents, so net cost $15.94 as of 11/16/2012 - Profit = $2.05
- Bought 1000 XIV @16.88 as of 11/14/2012 on margin - Stopped out @ 16.66 on 11/14/2012. = -0.22
- Bought 1000 XIV @15.67 as of 11/08/2012 on margin - sold 1000 XIV @ 16.25 on 11/12/2012 = +0.58
- Margin positions in Gold initiated 11/06/2012.