Market Update

The market ended up making a slightly lower low today in what seems like a Double Zig Zag due to concerns on Chinese exports. But the general bias remains the same and I expect a new all time high as soon as tomorrow if the micro count I have on the chart is correct, which basically targets 1890s. The market has had plenty of excuses already to  close the gap from March 4th but it looks like it has just been buying time. However, once this coming bullish wave is in then I will expect the market to test the TA at the very least.

I bought some more Chinese shares today and I hope they remain weak for at least a month or two (so I can add more). The main reason for the market drop today was the export numbers from China (which implies weak foreign demand and in turn a global slowdown) but something a lot of people don't realize is that those numbers are completely distorted due to their New Year. So the true export numbers don't really come out until next month and the concern is all speculative. I also plan to buy VXX on the coming rally and I might buy twice my usual position.

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.