Wednesday, February 22, 2012

Going for 1376

I usually expect higher degree corrections to have some impulsive waves in them and so far the waves I've seen look more like consolidating waves, which signals the potential base for another launch. Also, I noticed this minor correction so far has found support at the Fib retracement levels so this would favor more upside. And while the megaphone top is still very viable, I am leaning to see at least a test of the 1370 level put in pre-market on Monday. This is a market that just refuses to go down hard, so one just has to be patient for trading opportunities. So today I closed my short at a loss but minimized the loss with some VIX trades. It is my first "willing" loss (meaning not stopped out) in almost a month of trading but it is technically more of a position trade as I will be buying back those shares if the market goes higher.

I am all cash on my portfolio and the trades today were logged as follows:


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