Monday, April 21, 2014

Market Update

Not much to add today other than 1872 being technically reached by the end of the session. I am still expecting (and hoping) for the right shoulder of a potential IHS to form. So maybe there will be some selling tomorrow to that take down the market to the TA. However, if the 1872 level breaks then we might be looking at 1883 or even the all time high before any significant price correction. The TA is back to green so all is clear for a bull run as long as the TA holds on the pullback.

I am still holding VXX but will sell half to position trade if resistance breaks.

Short Term Trend = Bullish
Medium Term Trend = Neutral Leaning 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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