Friday, January 10, 2014

Market Update

The jobs reports came and nothing much happened, so I was wrong in my assumption we would see a significant move today. Perhaps, the fact the number was so low below estimates (79,000 act vs 200,000 est.) it ruined the mood for a rally. The market still has the IHS formation but it is starting to look odd due to all the failed break outs. Also the market managed to close over the TA so the bulls have not given up just yet. However, I decided to buy back my VXX to hedge my longs due to the market's indecision and the  confirmed bearish daily MACD cross over so I am expecting downside starting early next week or soon after a bullish break out. I saved me a good amount of money by position trading VXX so now they just need to do their job as I am still waiting for my fence money! lol.

Have a Great Weekend!

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. 

No comments:

Post a Comment