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Monday, November 5, 2012
Market Update
The market seems to be in a wait and see mode (for the elections I suppose) but in the meantime it is forming a potential Head & Shoulders with an 1382 target, so just couple of points above the 200 day ma and perhaps only after we see this test will the market launch a stronger counter rally to challenge the 50 day ma again. However, the close today was just above the Trend Average and the 1405 level has held. Additionally, the MACD is doing a bullish cross so the potential for a rally starting tomorrow is also a probability to consider. I am on the sidelines on the US market so just waiting for a good entry point but I will probably start buying gold tomorrow as we should start seeing a rally there soon.
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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