Market is on a tear and on my short positions were stopped out. I did a reevaluation of where the markets stand now and it seems a couple cycles have inverted...at least that's my best guess. One of the cycles I look at (86 hours) is trending up while the 55 hourly cycle should be bottoming in the next couple of days. Given the market has held up very well through the 55 hourly cycle, I am thinking we will exit 2013 with a bang.
Not sure how far up the market goes but if both of these cycles are trending up while the past cycle was inverted then I see markets heading much higher. I guess the 1850-1900 crowd were right.
Anyway, took off the short positions.
Moving forward, I should disclose my other positions.
Long GDX/NUGT (gold miners): targeting around 60s on NUGT thanksgiving time
Long EEM/EDC (emerging markets): targeting around 31 on EDC thanksgiving time
Long TLT (20y bonds): targeting somewhere around 107-108 next week or so
Stopped out positions
Long SPXU (short SPX)
Planning to put on position
Long UPRO: provided Friday is a down day. It looks like 5 hour and 16 hour cycles are bottoming tomorrow.