Tuesday, November 12, 2013

Market Update

The market has been keeping people in suspense with these relatively minor moves in the last couple of days but we should see a decisive move out of this trading range soon. The high from last week still stands so I continue to favor downside until a new high is made so I am looking for a test of the 1746 low and see if that holds. And as I said last week, if the 1752-55 range holds then we will be looking at 1800 on a break out so we'll see if there's any strength behind the current bearish wave.

I continue to hold both longs and volatility and will position trade accordingly. And stock market aside, does anyone here have a bitcoin account? if so where did you open it? I was going to open an account couple of months ago when it was at $130 and now it's almost $400 per bitcoin. The thing about bitcoin is that its number is fixed after computers finish mining it by 2020, so the more people pile in, the more it will go up. And since I trade with averages and trends, I could probably make a few bucks in that market given the fact that it will continue to go up a lot more before probably crashing/stabilizing. Aside from that, bitcoin or the ideal of an electronic virtual currency is here to stay IMO as there is a need for it given the need for currency diversification.

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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