Tuesday, May 7, 2013

Almost there?

The market continues to make all time highs as expected but this particular bullish run is about to correct so maybe some more upside and the we'll see a test of the Trend Average. I'd prefer to see a gap up and a clear reversal so we can have a good corrective count. At one point this morning I thought a reversal was taking place as the bullish gap was closed but instead previous support held and the market just went back up. So maybe that bull flag target might just complete in the next session or two.

I position traded VXX again for another minor gain and should VXX stay this low, I will be locking it in a good price. The low today was $18.06 so almost in the 17's and I think a gap up or something that will scare shorts will send it to the 17s.. I will load up regardless when the market meets its pattern target or if I see a confirmed reversal.

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