The market remains in a tight trading range. While the bias and the pattern is bullish, I need to see the 2011 level cleared to be confident of a sustained rally. Today is the fifth time this resistance level is tested in couples of weeks, so hopefully the market will make up its mind by the end of the week. I am continuing to hold VXX which basically looses money by the minute but if we get a bullish resolution, I can get rid of it and buy it back at the IHS target. The good thing is that my longs continue to do very well with all the mania in the Chinese market, I'm at 90% of my goal so I am getting very close. There is an immense opportunity now that it is going up and eventually when it crashes down. The last time I saw this type of mania was in bitcoin couple of years ago, powered incidentally by the Chinese market.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish
No comments:
Post a Comment