Monday, September 24, 2012

Short term trend being challenged

The market finally closed under the Trend Average after closing every single session above the TA since late July so perhaps it is finally time for some pessimism in the market. And another closing under the TA tomorrow, specially in a stronger bullish wave would change the short term trend to the downside. With that being said, the pattern I posted on Friday about is still there and now we have a bullish cross on the MACD. So the market is aligning itself for a rally. Had the market closed above the TA, I would have sold me hedge to stay long as it would be an almost for sure rally. But I am sticking to my hedge until the market trades above the trend again.

Long Term Portfolio: 100% Long
Short Term Trading Strategy: Hedged with VXX @8.98 as of 09/13

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