The market finally broke out of its trading range and now it seems like it is going for 1422 as I posted last week. What I am really paying attention to is what wave we get after this bullish wave is done. If we get a Fib retracement and the market manages to come back and capture the trend average again, then the market is going towards 1450+. But if the retracement finds resistance at the TA, then it will go for a deeper correction. Regardless of what news we might have seen this summer, the market was as I have been stating for months in a correction within a bull market and my expectation is for higher highs until major trends change to the downside.
Today I started hedging my longs with VXX at $11.58.
Long Term Portfolio: 100% Long
Short Term Trading Strategy: Hedged with VXX
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