I posted last week that 1422 was going to be possibly challenged this week and the market got very close to it at 1419. And judging by the way the market closed, we might see the market make a new high for the year early next week. But what matters now in my opinion is the coming bearish wave. I've read on several mainstream sites on how this bullish wave caught many off guard - they obviously were not reading about my posts :)- so we'll see if the crowd makes the jump after the first correction. I expect a correction sooner rather than later to the trend average but ideally it would be better if it did a proper Fib correction as those are the levels that should attract buyers who felt they missed the rally. If those levels do not attract enough buyers then we'll be in for a much deeper correction.
Have a great weekend!
Long Term Portfolio: 100% Long
Short Term Trading Strategy: Hedged with VXX as of 08/16/2012
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