Weekly Summary – 24th Jan 2016

Well…if week 1 was unbelievably good, week 2 is its wicked sister.

A vicious rebound in both the US stock market and the USD Bitcoin price has seen my account get hammered in the past week, from a gain of 35% a week ago to a loss of 16%.

Status 2016.01.24

 

 

 

 

 

 

Bitcoin:

Having made the mistake of reversing my position to try and capture a potential squeeze I am now back with a small short position. I’m monitoring a triangle formation that I believe is drawing to a conclusion, the break from this formation will determine the medium term direction for this market but my bias at the moment is for a break to the downside (hence the small short position).

btc 2016.01.24I’m expecting to add to my position if the market breaks below recent lows which will confirm a break out of the triangle formation.

US Markets:

I’m following a Dow Theory sell signal in the US Markets. All three major indices (S&P, DJI, and DJT) are in primary downmoves. The rally last week doesn’t yet class as a secondary reactions (insufficient time and duration). For the time being we are happy to maintain our short position in the S&P.

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