Friday, November 15, 2013

S&P 500 - 26% Return YTD

The S&P came within couple of points of reaching 1800 today and with today's close, the index is up 26% YTD and making this an stellar year for those who held their long positions. It is obvious that this is a W3 and anyone who thought otherwise have probably missed out or worst yet caught short. Had this rally happened few years ago, I am sure I would have been caught short too but thanks the trend average, I get out of the way when a top prediction doesn't materialize like it happened earlier this week. But now that waves are evolving accordingly, I am expecting a W4 soon and then one last W5 before another possibility of a top for the W3  from 1266. Make no mistake that I think we are in a bull market and the Long Term W3 count targets SP 2,200 so this is a good time to evaluate plans for this coming year and how to handle the coming corrections keeping in mind that this market will continue to go way up.

I had to close my longs (on my short term trading account) today because they just shot up too much for one session and I will pick them back up hopefully at the retrace. I also bought back the VXX hedge (technically not hedging since I sold my longs) at a good discount and I am planning to unload them when I buy back my longs.

On a side note, I am glad Obama is backtracking on his insurance cancellations. That saves me about $2000 a year as I was going to be forced to pay double (when he promised repeatedly people could keep their insurance if they wanted to) what I pay now to fund Obamacare so overall, a good day$.

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. 

No comments:

Post a Comment