Friday, 11 November 2011

I have to say that I am out of my long positions. I sold out today for 2 reasons. #1- I won't be were there is any communication for a week. #2 the market butted up against the corrective channel, I am saying corrective because the direction of the larger trend is down, I am not going to get into that, you have to read everything that Rob Prechter has put onto the market. One other thing I should add, a pivot point is defined as a point at which there is a change in trend. I take one step further, my model gives me points at which there is a change in trend but it also can mean a break out or break down of the market. When I look at the Russel 2000 daily there is a pennant in the making and isn't quite done. We could see a break out next week and take us to the ultimate short term high 3 week in January or we could be flat till then to. Either way I will be taking advantage of the model in the mean time.

Happy Trading,
The Wizard

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