Wednesday, April 2, 2014

1900 Challenge

Another day, another all time high. I won't be surprised if we see several highs this month now that the market is clearing resistance. I relabeled the charts to reflect the end of micro W3 today but I think the market will not correct significantly until 1900 is reached, specially it's so close to that number. And once we see 1900, why not make it a nice round number like 2000! I know some people feel the market is generally overbought (myself included) but the trend is clear at the moment and there's no point in fighting it. I won't be surprised if we see 2000 before the usual summer correction, which btw should provide an opportunity to go long for those that have been waiting on the sidelines and missing out all the upside in the last few years or worst yet shorting a market that has essentially tripled since its 2009 low.

I am still holding VXX and will take profit whenever the market allows for it. If we get a W4 correction it should allow me to get out with some money for my daily coffee :)

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