By Jeff Pierce
This is the first buy signal my timing signal has generated since late December. Since then it’s either been on a sell signal or on the sidelines. There’s no doubt that it’s a little bit of a risky trade here with all the macro news that is surrounding the markets, but I take all my signals. About 8 months ago I tweaked my entries/exits in an attempt to avoid whipsaws and I’m happy with the results and this will be a good test to see if it’s smoothed out the entries.
I mention in the video I was looking for any excuse to not enter this trade when I got my signal given I was short a number of positions, but in the end I covered my shorts and bought PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) near the days lows on the markets. Today is going to be interesting.
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What are your thoughts to which way the market is going to go next week. Up, down, or summer churn? Leave your comment below…I’m very interested in what your thoughts are.
$COMPQ (Nasdaq Composite Index) – 60 min.
Video: Market Technical Analysis
Jeff Pierce is a momentum trader that specializes in market timing. He utilizes a proprietary timing system that helps minimize emotions and trading biases within his trading plan. He offers a free newsletter at zentrader.ca that alerts you to trend changes within the market so you’ll always be on the right side of the trade.