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Naqvi, Thanks! I know what I'm going to do - but I'll wait before discussing on the blog. I don't want to let the cat out of the bag on what you sent us and the reasoning behind my trading plan. Joseph, I like tour shorting the ETF ideas. I like the size too (small - but big enough to see a nice return). Be careful out there, Brad
ReplyDeleteSo far is working. I bought in small increments last week as the market was topping. I"m hoping today the decline started already. If may be a little more of these 3x inverse ETF's. But i don't want to get greedy as i am seeing gains today.
ReplyDeleteIf things go my way, i'm hoping this is an A wave of an intermidate 3 wave. If this is the case, then we should see 1490 - 1510 lows. Corrective B wave may be a huge down wave.
ReplyDeleteI'm still shorting the SPX. After we broke the 1552 level down, i'm still in it to short it. I looking for 1495 to 1505 bottom. Things are looking good here.
ReplyDeleteLooks good so far. We will see how the fed meeting turns out tomorrow. I think with so many people believing in the fed, there is a very high possibility of sell the news scenario.
ReplyDeleteMarket has gone sideways for the past week. Lets see how Cyprus turns out next week. Higher probability scenario is that we could see a dip.
ReplyDeleteAlright Mr. Market, lets see a good dip into the end of the month and the beginning of April. Brad
ReplyDeleteI'm holding my shorts ladies. I almost sold today at 1545 but decided to stay. I'm betting on a bigger dip soon. If not, so be it and I may sell at my stop of 1565. But things are neutral now. Come on decline!
ReplyDeletei bought a bit more to add to my shorts today at 1563. Wish me luck! If we go down from here, i'll be good to go.
ReplyDeleteHi Joseph, good trade. I was also short since last week. Market requires a lot of patience. Now the question is how low will it go. In any case, the decline will be sharp till the next IPM Model turn window, because the pattern that has been completed seems to be an ending diagonal.
ReplyDeleteHi Naqvi, We are in the next IPM window (if you're referring to the double bottom) and the market is supposed to be bottoming, or approaching a bottom, but all it is doing is going sideways in a narrow channel with no dip (no dip more than 1%). Consolidation can be considered a bottoming process before the next leg up, is that what we are seeing and we will continue sideways until the next leg up? We will be out of the IPM window next week and the technicals still seem to want to go sideways. Are we at the bottom now? as always, be careful out there. Brad
ReplyDeleteBrad, good analysis! I was expecting a deeper correction during the turn windows but it turned out to be sideways in nature, which is perfectly acceptable. In fact after topping at the ipm turn window, market has gone net sideways for the last 2 weeks. This sideways action prompted me to think about the Elliott wave pattern, which suggests continued rally to start soon. Therefore, I have started going omg and will continue to add to longs as we come back next week. Upcoming company earnings season will be very interesting.
ReplyDeletePlease note that while US markets have gone sideways, global markets have decline considerably, further justifying the use of ipm model turn dates
Thanks
Naqvi