If Wishes Were Horses

It is one of the days when one wants nothing to do with the markets. I am tired of the market not trending in any particular direction. Just when I was long and things were going right, came the Dubai fiasco. That forced my hand and I went short. Currently licking my wounds after the fierce rally in the second half of Friday and the gap up on Monday forced me to cut my short positions at a loss.

For whatever it is worth, the trends in the markets internationally is still up. S&P is still trending up. HSI and HSCEI are still in uptrends. Commodities ditto. The only asset in a downtrend is the Dollar. The DXY flattered to deceive yet again. After rallying during the Dubai problem, it has come all the way back down.

Well as for my trades on the Nifty, I am out of my short positions. Will consider long positions if we trade above 5110. Will re-enter the short positions if Nifty trades below 5010 today. So really at the moment there is nothing to do except to wait for one of the two levels to be hit.

The ideal scenario for me is that the market does not take out to new highs and actually moves lower and takes out 5010. Then moves lower to around 4500. That should be enough to capture some money on the downtrend. Then it recovers and rallies all the way to 5500. Boy would it be great if this happened!!!. That way I will make money on both legs of the move. I really wish that this happened. But then you know what they say. If wishes were horses then.....