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. |
|
|