The market corrected as expected today but has yet to enter the Fib retracement area or tested the trend average. If the market for some reason does not continue its correction tomorrow then it opens the possibility for yet another bullish wave to another new high. Ideally, I'd like to see a full Fib retracement to get an idea if the market is setting itself up for a big bullish wave. But until we get that retracement, we are just seeing a series of W4s or sideway corrections that result in higher highs in small bursts. I am ahead on my hedge so I feel ok either way but if we get another bullish wave I will be adding to my hedge.
Long Term Portfolio: 100% Long
Short Term Trading Strategy: Hedged with VXX @8.98 as of 09/13
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