Friday, November 1, 2013

Market Update

The correction continued today and the market put in a lower low, so perhaps the market is getting closer to a bottom and a stronger rebound. Ideally, I'd like to see 1740 tested but since this is a profit taking "sell off", downside might be limited given all the bullishness in the market. Hard to say without a good a proportionate count in place, so I am staying put with both my longs and my VXX position until I see a clearer picture. As it is, I welcome more upside or downside as I am confident I will exit both positions profitably. It is already November (this year flew by!) and given how much the market has rallied already this year, I wonder if there will be a Santa rally this year, that would probably put the market at 1800+ .

Have a great weekend!

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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