SHORT TERM PORTFOLIO UPDATE – As of October 30, 2009

It was a volatile end of month. Overall it still seems like many markets are correcting including equities, the metals and most food/grains. Next week will likely find out if the corrections are minute or are more significant. The trend of the treasuries is very unclear and may not clear up for quite a while, especially if equities continue to correct.  

Index/Market

E-Wave

Daily Trend

What’s I’m Looking For

Entry Price

For Current Trade

 

Stop

SP 500 (ES)

Up,5, (C), [2]

Down

If correction breaks 1011 I will change label indicating that 5 up is over as is [2]. This would have serious implications for the market. This week should be very important.

 

 

Sugar (SB)

Up 1, (5), [A]

Down

Trend changed mid week and went short.Weekly trend is now down. 10/9 low of 21.18 will have to be taken out wave (4) is still going on or if wave count needs to be changed further.

22.93

23.59

Silver (SI)

Up 3,c,[B]

Down

Weekly trend is still up but daily has turned down. If [B] up is over then 14.73 will have to be taken out.

 

 

Gold (GOC)

Down, 4, (3), [5]

Down

Trend has reversed and have signal to go short. Target looks like would be around 1000 but needs to stay about 994 for count to remain valid.

1056

1072

Soybeans(S)

Down 2, (a), [Y]

Down

Looks like we may be getting a wave Y. Correction is likely short term of advance since 10/05

 

 

Cocoa (CC)

Up, 5,(c), [B]

Down

Looks like temporarily in correction. Wave count is unclear. Top of 3412, 10/23 is not likely top of wave 5.

 

 

10 Year (TY)

Up 5, (3), V

Down

116.594 must hold for upward trend to still be in force. We’ll see what happens.