Friday, May 24, 2013

Another close under the TA

The market closed again under the Trend Average and this is the first time the SP500 has had 3 red days since March, so it has been a long overdue correction. However, the TA is still trending up so the signal is still neutral. I am adding an "Alt W3" to the A label to the chart until we get a clearer picture as the market could in in a bearish 1-2 (of a W5), triangulating or putting in a WXY correction. Also, I wanted to add that since we will most likely see an Int W4 to expect the TA to get whipsawed. So while we might get a change of trend confirmation next week, the market is free to go back to the 1660-1670 area on just a regular bounce.

I ended up selling VXX at 19.06 in the morning for a very nice profit, went long FXI, sold it as well for a profit at the end of the day and initiated a new position in VXX at 18.72 (technically I should have stayed out of the market but I guess I need that pre-market adrenaline rush). So a pretty good day and hopefully I'll squeeze another $0.75-1.00 out of VXX next week... Last but not least, if anyone knows of a service that can convert email alerts to a phone call please let me know. I currently get trigger alerts from TD Ameritrade by email but since I am in the west coast and sleep late, I pretty much miss most of the early morning action which has been very costly in terms of lost opportunities since an email alert doesn't wake me up. However, a phone call to a dedicated phone would do the trick. I searched for this service but couldn't find anything and if I don't see a service available, I will have one programmed and possibly offer it on here for people like me.

Have a Great Long Weekend!

Main S&P 500 Trends

Short Term Trend = Neutral
Medium Term Trend = Bullish
Long Term Trend = Bullish 

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