Today I saw too much flame and decided to keep myself quite. One thing I want to make clear and I guess I made it very much clear earlier as well. This is "my trading diary" if you are copying my trades then please be aware of the risks as well that I take.
Some thing big is definitely in the cards and soon it will unfold.
Here is the 3 years chart of S&P 500 which gives a better picture of broader market than just 30 companies of DOW. Although DOW has similar pattern as well
US is in long term (or atleast mid-term) corrective phase unless it breaches 1130-1140 levels and that's where I see the turnaround to go back to 900-sh levels.
This zig-zag up move from August's low of 1000 is ready for another round of correction to re-test the 1050-sh levels and continue its upward move from there to 1130-1140 levels if not crossed with good volume support then it will take a bigger dip.
My personal view is not so positive on global markets where we see US among leaders... US can/should see atleast a 5% cut from current levels to give it enough strength to breach 1125 levels if it has to do that at all. A 5% cut will bring similar or more cut in emerging markets and every possibility of 3rd down wave starting from tomorrow or Friday to take us back to atleast 4777 levels
I would close all my long positions unless S&P crosses and close above 1125 (ie. another 2.5-3% rise)
Once again... this is "my trading diary" where I have days of losses and profits. I am not asking you to bet on my trades, or thank to me when you win. I wanted to keep it interactive... but I think I will start posting my trades only after the END OF DAY. Thanks!
Some thing big is definitely in the cards and soon it will unfold.
Here is the 3 years chart of S&P 500 which gives a better picture of broader market than just 30 companies of DOW. Although DOW has similar pattern as well
US is in long term (or atleast mid-term) corrective phase unless it breaches 1130-1140 levels and that's where I see the turnaround to go back to 900-sh levels.
This zig-zag up move from August's low of 1000 is ready for another round of correction to re-test the 1050-sh levels and continue its upward move from there to 1130-1140 levels if not crossed with good volume support then it will take a bigger dip.
My personal view is not so positive on global markets where we see US among leaders... US can/should see atleast a 5% cut from current levels to give it enough strength to breach 1125 levels if it has to do that at all. A 5% cut will bring similar or more cut in emerging markets and every possibility of 3rd down wave starting from tomorrow or Friday to take us back to atleast 4777 levels
I would close all my long positions unless S&P crosses and close above 1125 (ie. another 2.5-3% rise)
Once again... this is "my trading diary" where I have days of losses and profits. I am not asking you to bet on my trades, or thank to me when you win. I wanted to keep it interactive... but I think I will start posting my trades only after the END OF DAY. Thanks!
