Wednesday, January 8, 2014

Market Update

The market seems to have put in a flat correction today and now we have a good IHS pattern in place so the next most likely move will be a break out of the pattern on a W3. I am assuming the jobs report will be the excuse regardless of whether it is good or bad as now that taper has been announced these types of news can be used by the market to make significant moves. But obviously, there are no absolutes in the stock market so we'll see if the labels on the chart are correct tomorrow/Friday. I am hoping my longs will some traction tomorrow and hopefully I will be buying VXX in the 40s if the all time high gets taken out.

I forgot to add the TA on the chart but it is currently at 1837 but almost going flat.

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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