The market gapped up again today but this time there are enough waves to see a 5 count. Going by this micro count, the top today was the end of this micro W1 or W3 of W1. Whatever the case. if this is part of an impulse, we should see the all time highs for the SP500 taken out for good. The DOW closed at another all time high again and that supports more upside soon in addition the Trend Average coming back to positive again. When I called for a top couple of weeks ago I expected the TA to be whipsawed and the correction to be shallow, with the 1545-1548 area to be important levels of support. And that level has been tested several times already and it shows buyers are coming in at these dips so if the bears want to make their case, they better do it asap as this is going higher. There is also the possibility of an rising wedge taking place, which also implies higher prices but for now I am following the same count and target for the past couple of weeks. With end of the quarter being this week, I would expect some window dressing by the funds and a short squeeze should the market be able to gap above resistance.
I ended up selling the long position from Thursday and I am now 6 for 6 :) Starbucks should be happy. I am going long again if I see key support levels tested again but a test of the Trend Average will be enough for me. If not, I will be shorting through VXX again once I see a complete 5 count which should coincide with the 5 count from 1485.. funny how just couple of months ago so many people were convinced 1476 (the previous high) was not going to be taken out.
Main S&P 500 Trends
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish
Long Term Portfolio
- 100% Long in Red Chips traded in HSI (Mainland China stocks traded in Hong Kong) initiated September 2012. Only position trading 30-40% of portfolio for cost improvement. - Sold 10% on 12/27/12, Sold 10% 01/22/2013 - Bought back 5% 02/27/13 - bought 5% 03/01/13 - bought 5% 03/04/13 - bought 5% 03/06/13
Short Term Margin Trading Strategy
- Bought 1000 FXI @ 37.07 - Sold 1000 FXI@ 37.29 on 03/26/13 = +0.22
- Bought 1000 VXX@ 20.47 on 03/20/13 - Sold 1000 VXX@ 20.91 on 03/21/13 = +0.44
- Bought 2000 FXI@ 36.21 on 03/19/13 - Sold 2000 FXI@ 37.08 on 03/20/13 = +0.87
- Bought 1000 VXX@ 20.73 on 03/14/13 - Sold 1000 VXX@ 21.85 on 03/18/13 = +1.12
- Bought 1500 SPXU@ 30.98 on 02/27/13 - Sold 1500 SPXU @ 31.05 on 03/01/13 = +0.07
- Bought 2000 VXX @22.38 on 02/12/13 - Stopped out @22.38 on 02/14. Bought back @22.05 on 02/15/13 - Sold all 2800 VXX on 02/25/13 @ 24.30 = +2.05
- Bought 1000 VXX @ $25.78 as of 01/16/2013, Bought 1000 VXX @23.68 on 01/22/2013 - Sold @22.70 to position trade on 01/25/2013. Took loss $2.00
- Bought 1000 VXX @ $25.92 as of 01/15/2013 - Closed @25.96 on 01/15/2013 . = +0.04
- Bought 30 AAPL @ $509.50 as of 12/14/2012 on margin - Closed @514.50 on 12/17/2012. = +5.00
- Bought 1000 XIV @18.62 as of 12/13/2012 on margin - Closed @18.70 on 12/14/2012. = +0.08
- Bought 1000 XIV @18.80 as of 12/05/2012 on margin - Closed @18.88 on 12/07/2012. = +0.08
- Bought 1000 XIV @18.41 as of 12/04/2012 on margin - Closed @18.63 on 12/05/2012. = +0.22
- Bought 500 VXX @29.23 on 12/03/2012 - Closed @30.12 on 12/03/2012. = +0.89
- Bought 500 VXX @30.77 on 11/23/2012 - Closed @29..68 on 11/27/2012. = -1.09
- Bought 500 VXX @31.54 on 11/20/2012 - Stopped out @31.11 on 11/21/2012. = -0.43
- Closed position 500 @ 18.26 on 11/20/2012. Sold 500 @ 17.79, raised stop to break even on the other 500 as of 11/19/2012. Bought 1000 XIV @15.98 as of 11/15/2012 on margin - position trade cost improvement 4 cents, so net cost $15.94 as of 11/16/2012 - Profit = $2.05
- Bought 1000 XIV @16.88 as of 11/14/2012 on margin - Stopped out @ 16.66 on 11/14/2012. = -0.22
- Bought 1000 XIV @15.67 as of 11/08/2012 on margin - sold 1000 XIV @ 16.25 on 11/12/2012 = +0.58
- Margin positions in Gold initiated 11/06/2012.
* Margin position avg is $20k
* Margin position in gold is $4k
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