Tuesday, September 24, 2013

Market Update

The market tested 1695 early today and bounced from there before reversing again in what seems like a micro W2 or a B wave. Also, there is an Inverse Head and Shoulders set up that targets 1716 so we could see the market in rally tomorrow if pattern succeeds. Today's down day is the 4th in a row, which ties the most down days for the year set in August. The SP500 has not had 5 consecutive down days since December 2012 when the market was in the low 1400's, so odds favor a bounce.

I bought back Google per my plan yesterday and hopefully it will make it to $900 again on this leg? Lastly, someone asked me on the forum on China ETFs and this article lists a few good ones to consider:

China ETFs

I will probably diversify towards consumer and tech on my China holdings and reduce my exposure to financials in the next few months.

Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors. 

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