Monday, July 15, 2013

Another all time high soon

The market continued it's slow ascent to an new all time high and the SP500 is only 3 points away while other indexes like the Russell and Wilshire have reached new highs already. I am assuming there will be short covering if 1687 breaks so that should probably put a leg to test 1700 and perhaps that will be the time to buy back the short I had last week. So for now I am on the sidelines on my short term account and staying long on my core portfolio.

Main S&P 500 Trends*

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

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

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