Tuesday, November 6, 2012

1434 being challenged

The market managed to rally all the way back to the 50 day ma again today and in the process invalidating the potential bearish head and shoulders I posted about yesterday. And should the market put in a higher low then we will have a bullish pattern as and Ascending Triangle targeting 1460 or a bullish nested 1-2 (if you believe Ascending Triangles are only continuation patterns). So we'll see how the market reacts to the winner tonight..

I bought Gold today and will wait and see on US equities.

Long Term Portfolio: 100% Long (China and HSI Markets Only)
Short Term Trading Strategy: Sold XIV position from 10/25 at $16.10 (there goes my coffee!) - Bought XIV @17.64 as of 10/19.

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