We are really a young country in the grand scheme of things. I just did some research and learned that americans are not ranked very high for life expectancy http://en.wikipedia.org/wiki/List_of_countries_by_life_expectancy . We spend the most money on healthcare http://en.wikipedia.org/wiki/List_of_countries_by_total_health_expenditure_(PPP)_per_capita . There is something wrong here. Notice Japan who has the longest life expectancy. They spend half of what we do on healthcare. This is how Japan’s healthcare works http://en.wikipedia.org/wiki/Health_care_system_in_Japan . WE HAVE A LONG WAY TO GO!!
I believe this is going to move the market dramatically today. I feel that the decision is going to be against Obama which is going to benefit the republicans going into this election. We are still in an uptrend and are tracking technically pretty well. So let’s see how it goes.
Today was an amazing day for day trading. We are tightening up our stops on the swing trades. Expecting price to go up for a few days. Fridays can be weird though. The bearish engulfing pattern is sometimes followed by a move back to 50% of the candle. So we are looking for the price to move up a bit from here. After this we are not sure, probably consolidation. Really we are never sure. We just look at the probabilities. Closed half of our position on DOW today for a nice gain.
All of the talking heads are talking and talking about the FOMC. This is an important meeting for the market. Bernanke in February was pretty accurate in his assessment http://www.federalreserve.gov/newsevents/testimony/bernanke20120229a.htm . I am thinking the FOMC announcement is going to be pretty neutral. No QE3 with a TWIST. The market I believe has QE3 built in which is a mistake. It will be interesting to see the impact today. Stay tuned.
This upward channel is holding up well. I just wish it would get going. I am short the TLT which is an ETF for Bonds. This trade is not going in the direction I would like yet. We are hitting 90% + wins for the month of June in our day trades. May was 68% success and a very high expectancy. On our swing trades we are making money over the last two months. I just wish the win percentage was higher. I will soon be going live with a better trading plan. I expect to have this ready after the 4th of July. Happy Trading!
Today was one ugly day. I am not panicked yet due to the upward channel holding. It will be interesting to see if the higher lows continue. Watch and see tomorrow. It is going to be fun. Great trading for my day trades however I did take some heat in the long term.