Tuesday, January 21, 2014

Market Update

I thought when I went to sleep last night that I would wake up to a new all time high but unfortunately that wave was stopped at resistance so the correction continues and now it seems like we might get one more test of the lows and complete a double ZZ. Whatever the case, the market wants to go higher so I will be buying back VXX when the time comes. I set my stop at break even on my ZIV and unfortunately it got stopped out in the morning on the bearish wave so maybe I'll load up again if we get another test of the lows.

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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