Short-Term Trading Update – as of November 20, 2009
Last week’s correction was unremarkable. Given the short trading week I would not be surprised to see a bit more correction on low holiday volume. Perhaps that will be enough to keep it going longer than anyone expects. I don’t know. This upcoming week the market may correct a bit but it still may only be a short correction with further gains still to go. Same for Gold and other commodities. The rest of the year should be interesting. Some important fib. resistance points are coming up very soon for the S & P and Dow so it will be key how they are dealt with. 10468 in Dow Futures is where A = B (or X = Z) of correction.
 
S & P 500 (ES) – Trend is still up. Currently on buy signal from 11/09 at 1091.75.
 
Sugar (SB) – Trend is still down with no trade in place.
 
Silver (SI) – New buy signal on 11/13 at 17.38. Trend continues to be up. Profit will be taken at 18.90 basis March.
 
Gold (GC) – Trend is up but still overbought. No trade in place.
 
Soybeans (S) – New long trade was signalled on 11/17 at 1029 basis January.
 
Cocoa (CC) – Trend is down but oversold so no trade in place. Trend could change to up with a little more follow through to the upside.
 
Dow Jones (DJ) – Trend is up with long trade in place from 11/09 at 10,192.
 
Soybean Oil (BO) – Trend is up with long trade in place from 11/11 at 37.89
 
Coffee (KC) – Trend is now up so with good price action may get a long trade.