Major change...

Looking at the P&F of our new indicator, the QQQQ Ultra Short, you'll see that today we broke below our newly established upward trend (downward for the QQQQ). I was bounced out of some short positions, but because I saw severe volitility in the VIX, I hedged with some long positions, which did well today (EBAY, SGMS).

So there is one problem with this reversal, we're using a double-short indicator, and as such, it is more volitile than the general market. Look at the S&P 500 on the left. There is still some overhead before this is a true breakout. Read this short blurb in the WSJ Market Beat. A well stated case that the market may very well be misreading the Fed statement, and that tomorrow may be the real test of the statement.

I fear a whipsaw. I'll be watching the market closely tomorrow. Expect a gap at the open one way or the other, then probably a strong reaction the other way by the end of the day. I'll be closing some long positions if we open significantly higher. I'd advise a short-term, hedged bet. Traditional short-term buy-low-sell-high + short-high-buy-low.

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