Well the tide seems to be turning..... finally I'm seeing some profit on a daily basis which is really a pleasant change. Being obstinate and staying short has cost me dearly... I still don't feel I am out of the woods and suspect more upside is to come.
What concerns me being a "contrarian and all" (South Africanism) is that too many people are worried about the rally - the Prechter coined phrase "...climbing a wall of worry..." is apt at this point of time. No-one seems to buy this rally and there is way too many worry warts out there. What this implies potentially is a further climb after this correction runs it course. I could be wrong here, and don't get me wrong I have not turned long term Bullish and feel we are still within the grips of a large Bear market although there might still be some more upside left.
FX markets have played out nicely as predicted - USDZAR has rallied strongly off its base and now I believe is due for a correction before is muster strength for a surge even higher. For now trend is to Rand weakness and all Rand rallies should be sold. Same goes for the ALSH rallies should be sold.
Good trading
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment