Friday, April 27, 2012

Intermediate Trend Confirmed Bullish

The market managed to bring the trend average up to 1385 and in turn closing over the 50 day MA. Looking at this particular cross in the last 4 years, it has only been whipsawed 15% of the time. So we have in our hands what seems like a bullish reversal and in order to profit, the plan is to go long at a successful test of the TA which I suspect it's going to end up being in the 1387-1392 area by the time the market retraces. Some people prefer the "bearish count" but there is no use in making bearish bets unless one is brave enough to challenge the trend. The plan for me is clear, so hopefully Monday (or maybe Tuesday) will allow me to re-load on longs.

Have a great weekend.

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