Short Dow Futures
As I said in my post four days ago, I was ready to go short the Dow. I am now short.
I waited for the Zweig 4% model to signal. NB I use a modified daily version of Zweig’s model and it triggered -4.69% on March 16th.
Again I was patient and I waited for the Dow to rally on Thursday because it was so far below its Moving Averages. Then on Friday when the G7 intervened to weaken the yen, the Dow spiked up again. I sold it during the spike up and I am now nicely placed for a medium to long term short position. I expect to hold the position for a number of days at least and most likely a number of weeks. I will only exit the position if I get stopped out or Zweig’s model signals the other way i.e. +4%.
All but one of my indicators is bearish. The final indicator is very nearly bearish.
Your for successful trading,
Oli Hille
Author
“Creating the Perfect Trade”
Definite daily seller’s bias now, as price volume studies and the rally up to and the subsequent failure of the daily 20 sma gives us a clear daily bias.
However, @YM has quite a ways to go on the monthly before it is considered to be bearish.
Keith
thedailyeminitrader.com