Market view

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Not much to say ,,, what a BRILLIANT day and as expected markets started to FLUSH down!

This is what I meant with patience gonna pay you ,, I'm in huge profits on all my short ETF now just because I had patience ,, right now Im still holding ALL my short ETF because I'm looking for more downside today(Thursday).

If we break below 1220 the pattern target on SPX is 1130-1150 ,, so I guess I'm just gonna hold until we reach that level as pattern targets often plays out very well...

However if we go down below 1200 near term , I wont be as bearish as I was 2 weeks ago at 1292.... right now the more we go down , the more bullish I begin to be,, and less bearish as most of the downside already occured.

But congrats to all those who made big money in TVIX and other short ETF , was brilliant plays yesterday.

We killed it in www.nwatrading.com also with daytrading tips for all day long yesterday ,, was brilliant.

Conclusion:

Holding all my short ETF as patterns indicates more downside and today is the "most bearish day" in my cycle.... so we could see another UGLY day in mkts..... IMHO.


Well well hope to see you all in chat room www.nwatrading.com and lets see some more bearish news with Italy to move this markets down to the 1130-1150 target :-)

But if I see a very bullish pattern forming I may take all my short ETF profits - but for now just holding everything tight....

Best

Chris