Wednesday, May 11, 2011

Another Triangle?

The option I posted yesterday is out as the market failed to confirm the bullish breakout of the pattern and closed under the TA. However, the low today is another higher low and there is a good probability of a corrective triangle pattern. Today's sell off in commodities continues to be correction imo so once oil, metals and other assets settle I think we will continue to see a rally in all asset classes due to the dollar's depreciation problem.

I got stopped out of half of my leveraged long position, so I'm 100% long now on SPY (on my trading account). I did however allocate about another 10% of my portfolio in GCX which is a diversified China ETF. And if commodities correct another 15-20%, I will add another 10% to Oil, Silver, Copper and Grains.

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