The short term trading model calls for today to be the high of this first ultra short term leg up.
Therefore, I would suggest taking profits on any short term long positions and call options by the close of today. The call options have some great profits so it will not be very hard to let them go.
The model calls for the high today and a sharp 2 day sell off going into next Tuesday that will put the market into a short term trading range until the end of August.
From the end of August we should look for another sharp leg up in the market that terminates on Sept 5. This should be the final top before the market begins a test of its most recent lows.
Remember that this model is only a guideline and the market always has the final word, but this short term model has simply been to accurate to not heed its advice!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment