Friday, September 7, 2012

Bullish Wave 3 finished?

The market closed higher again today as expected but not sure if the bullish W3 is even done. Looking at gold, which I mentioned last month as an indicator of a possible stock market break out is going up in a strong bullish wave. So this market might go into overbought territory and stay there for a while, which fits well with the target I posted yesterday. Also, I posted a chart for the daily and we have a bullish crossover on the MACD. Last time there was a crossover on the daily, the market went up 100 points. I keep hearing about the divergences, expert Elliott wave counts, oscillators, Dough Kass, Marc Faber, Goldman Sachs, Bobby Prechter, blah.. etc. that there will be a sell off very soon. But yours truly is keeping his 100% longs and riding the trend until we get a confirmation of an actual sell off IF that even happens. I think all these people jumping the gun at this point is pointless given then fact the market is breaking out.

Have a great weekend!

Long Term Portfolio: 100% Long
Short Term Trading Strategy: Shorting intraday extremes, closing same day

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