Wednesday, October 30, 2013

Getting close to correction?

I had a very long day today dealing with legal bills in mediation but I am home and I am done with all my major "to do" projects for the rest of the year, so I guess I can finally relax for the rest of the year. Anyway, the market continued its bull run today which was not all that surprising but I do think we will see a profit correction very soon to the levels I mentioned yesterday. So I decided to add some hedge at 1769 by way of VXX, which I said I would not trade again but the damn thing is so tempting at this price! so I have a small hedge and hopefully I'll be able to squeeze a dollar out of that. I am keeping my long position I bought couple of days.

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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