SHORT TERM PORTFOLIO UPDATE – As of October 16, 2009
Most upward trends are looking a bit tired. Would not be surprised to see a week of consolidation coming up. We’ll see if it’s more than a bit of consolidation.
|
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] |
Up |
Overall trend may still be up but appears we may be in store for some correction next week. This uptrend is pretty amazing in it’s tenacity. However, we are now entering the area where C is equal to .786 of A. A = C not until around 1150. |
|
|
|
Sugar (SB) |
Up 1, (5), [A] |
Down |
Daily trend still down but is likely about to turn up. Looks like bottom of (4) may be in place on 10/9 |
|
|
|
Silver (SI) |
Up 3,c,[B] |
Up |
Silver direction still looks up but momentum is diverging. Am long but with very tight stop that may be hit early next week if up trend does not resume. |
17.65 |
17.24 |
|
Gold (GOC) |
Up, 3, (3), [5] |
Up |
New high is in. Momentum is starting to wane a bit. Could be time for a bit of a correction. 995 – 1000 is a good target. Stop is in very tight. May exit this trade with only a slight profit. |
1039.7 |
1042.5 |
|
Soybeans(S) |
Up 3, (3), [B] |
Up |
..perhaps wave [B] did not complete on 6/12. Changed labelling to have a wave X end on 10/5 This allows for more upside correction. No trade now. Last trade closed out at profit target. |
|
|
|
Cocoa (CC) |
Up, 1,(1), [C] |
Up |
Trend just reversed to back up.. But no clear trade yet available. |
|
|
|
10 Year (TY) |
Up |
Down |
Trend is still split. Next week could resume uptrend especially if equities correct. No trade now. Last trade stopped out at slight profit. |
