Update Wed 4/10/2013 10:45AM EST: New all-time SPX high. Have you noticed lately that almost every time I tell you the System is bullish but setup for a possible short trade that SPX rallies pretty good? Mr. Market recognizes the same decision points. And, when SPX has fallen 10-20pts without a System short setup, it typically bounces rather quickly. The System is working more than it's not for sure.
The stop is being raised to 1567.96 although the System will not go short there. It will still go short at 1559ish now and, possibly late today or tomorrow if SPX sustains most of its rally, it would go short at a 4hr support break which would be at 1568+. Good luck.
-------------------------------------------------
Current SPX Position: Long from 1560.27
Next Action: Stop and go short at 1559
System Score: 10=Bullish=Trend Score + Turn Score=10+0
Proposed New Score: 64%=Bullish=Trend Score + Turn Score=48+16
The System is finally setup to take a short position if SPX falls. There have been 12 long trades and only 5 short trades in 2013, but that has led to nearly 5% profit in 3+ months (7% if you count the 2/28 trade). It would suit the bears best if VIX could drop a little lower on Wednesday, because that would setup the technicals better for a longer downtrend. And, the obvious 5-wave impulse from 1343 ain't so obvious anymore with today's new high making 7 possible waves and an endless number of count possibilities. In any case, the bulls are still in charge as precarious as it may be. Good luck.
No comments:
Post a Comment