Thursday, December 26, 2013

Relentless Rally

This final rally of the year is probably the strongest one I've seen since January as there are essentially no retraces at all, just a straight up rally as if taper news was the best thing that could have happened to the stock market. The Right Angled Descending Broadening formation target of 1850 has almost been met and I have little doubt the market will make it there before any significant correction. What I wonder is whatever happened to the W4, at this point I am not even sure it's coming at all. I am holding on to my VXX and my longs in the meantime.

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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