Tuesday, December 18, 2012

Turning the Corner


image courtesy of http://iconka.com

After looking over the MTT and the $BPNYA I decided to go long 50% in my 401k. I was planning on waiting for the fiscal cliff talk to be resolved, but the market looks to be turning the corner. It started in the middle to end of November and has continued in December. We usually look for a big breadth day to turn the corner. This time (really this year) it's been a very methodical move up. If this continues I'll get 100% invested.

I'm still short SOXS and long NUGT. The MTT has switched to foggy after barely turning positive yesterday. I'll be looking to get out of SOXS and into SOXL or RUSL if we stay positive through the morning.

The MTT is sitting it the low 150's. This is a tough area to trade in. There's no momentum in either direction and the smallest factor can move the market either way. This is the spot where you can get whipsawed very easily. Hopefully, we'll see a convincing move up today and continue through the end of the year.

No comments: