Tom Houggard market turn update
I made a call for the Dow to enter a serious drawdown period on the 6th April (see here – http://www.spreadbetmagazine.com/blog/tom-houggard-makes-the-bold-call-of-an-imminent-market-turn.html)
On the 6th April 2013 the Dow was trading at 14,711. The closing high on the 8th April was 14,613. On a like for like call I am, as yet, not proven right.
The high was calculated as the 8th April 2013, plus / minus 3 days. So far, the high was on the 11th and so my call is still on track. If we take out the high of 14900, then I will say publicly “this one didn’t work”. I prefer to see this level to be taken out on a weekly closing basis.
At present, I am trading a competition account for a Danish radio. I had an enormous boost to the account courtesy of the ever volatile DAX. Suffice to say that I was miles out from the 8th April on the DAX, which peaked on the 15th March.
The curious aspect of the DAX is that it normally follows the Dow, but it didn’t this time, so I had to chase the market. Chasing markets is a little like old men chasing young women: it is not a pretty site and it rarely ends well!
I will close this brief update by saying that I haven’t seen ANYTHING yet to make me want to change my call of the 8th April as a major top for the Dow.
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