Tuesday, December 10, 2013

Market Update

We finally got a bearish wave today but it bounced right off the Trend Average and failure to make a significant lower low tomorrow will bring back the momentum back to the bullish side. Also, one could argue for a bigger IHS forming that targets 1845 so we'll have to keep an eye for key resistance levels and see which one breaks decisively first. The upside level is 1813 and on the downside is 1800-1802. In the meantime I am still hedged but will get out of VXX should the market not go down decisively tomorrow and close under the TA, I will just buy it back later when the picture is more clear and hopefully at a lower price.

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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