Wednesday, January 22, 2014

Market Update

The market traded in a tight range today but I am still expecting a bearish wave to test the 1830-35 area before another attempt to break the all time high again. Earnings haven't done much as far as moving the markets but it is the ideal catalyst to push the markets out of range so perhaps a few positive announcements from the main companies and we'll have that new high? For now I am holding on to my longs and getting ready to add VXX to hedge again as it has dropped to another 52 week low today.

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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