Another exciting day in Wall Street! I guess traders are on vacation since the market is at the same level as 2 weeks ago. But a bigger move should come fairly soon and I am hoping it will be a break out to new highs. I added QQQ to my long position so I hope there will be a strong finish for the year, perhaps 2016 will have the highest close for the decade? The wave count is aligned for a major top in 2017 but could stretch all the way to 2018. Whatever the case, it is best to trade with extreme caution at these levels.
Also, I have the Trending Waves portfolio parameters in place and I just need to wire the funds to the broker to make the account live. Basically, it will be tracked against the S&P 500 including dividends and I will use long only SPY positions to trade in and out. At the time of dividend distribution, I will short to the hedge instead of selling so I can capture whatever the dividend that is being paid. The position will launch on January 1st and I will take into account what the market is doing to go long or in cash on that date.
Launch date: January 1st, 2017
Position size: $100,000 - Non leveraged account with the exception of dividend distribution window
Primary position: SPY
Strategy: Trend Average trading, Elliott wave count, and other chart patterns
Goal: To beat the SPY annual return including dividends
Very few professional money managers can beat the S&P 500, with some studies suggesting only 1% of mutual fund managers can do that. So I will finally put my system to the test in the most transparent way that I can think of. Real money, real time results will show the validity of what I have been doing here for the last 6 years.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish