Thursday, April 18, 2013

My thoughts on the market

Based on the market timing indicators I follow, the markets are in a corrective phase and have been so since roughly the start of April. However, the markets are also "over sold" with in this "correction" and so we could get a 1 - 3 day bounce. With this in mind, I do not recommend putting on new short positions but instead riding out shorts that are working if you already have them. The pull back has set up a lot of charts, however, I do not have as much confidence in longs during corrections as in up trends and therefore I generally do not recommend initiating new longs during corrections as what appears to be over sold can remain so for many days crushing new longs in the process! So bearing this in mind, here are my best idea for tomorrow.







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