The market looked as if it was going to go down early morning but instead it it tested the Trend Average successfully and it reversed and now the 1370+ area looks very possible. As I said yesterday, the lack on impulsive bearish waves in this correction raised the possibility of another leg up, so we might just get a gap up tomorrow morning to the target area. I am not 100% of how to label these waves just yet until I see what the next bullish wave looks like. If we get a strong one tomorrow, we might just see 1400.. yes if we assume Wave 1 was from 1340 to 1367 and the wave 2 bottom was at 1351. Also, considering retail investors are probably about to jump in the market now, it would make a lot of sense since retail usually are the worst timers.
Is the Smart Money Heading for the Sidelines?
However, as I've been saying for a while, the risk is to the downside so better to play defense at this point. I am all cash but I bought and sold VIX today as I saw a good set up. This trade was not as short as the one a few days ago but it was still only 45 minutes.. you can see the trade at my twitter account.
Today's trades were logged as follows:
TRENDING WAVES PORTFOLIO
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