Wednesday, April 9, 2014

Market Update

The market continued to rally as I had been expecting and managed to close over the Trend Average and what remains to be seen now is whether it will reverse to put in a lower low or go for another all time high. Given the timing, I lean towards more upside but I am not betting on it until the TA turns bullish again. I ended up selling my XIV (+26/-6) for a profit as planned and now I am on the sidelines to see how the market behaves at the 1874-84 level.

The short term trend will turn bullish again if the market closes above the TA again tomorrow.

Short Term Trend = Bearish Trend being challenged
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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