SHORT TERM PORTFOLIO UPDATE – As of October 23, 2009
Many corrections seemed to begin forming last week. This week many may continue but we’ll see if. S&P, Gold and Silver all seem to be correcting. 10 Year movement is unclear. Hopefully next week will shed more light on the markets.
|
Index/Market |
E-Wave |
Daily Trend |
What I’m Looking For |
Entry Price For Current Trade
|
Stop |
|
SP 500 (ES) |
Up,5, (C), [2] |
Down |
Some correction is developing but may be just wave 4 of 5 Up. However, we are now entering the area where C is equal to .786 of A. A = C not until around 1150. Will watch correction. Should not break 1011. |
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|
Sugar (SB) |
Up 1, (5), [A] |
Up |
Daily trend still up but fading. Weekly trend is now down. Still looks like bottom of (4) may be in place on 10/9 |
|
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|
Silver (SI) |
Up 3,c,[B] |
Down |
Weekly trend is still up but daily has turned down. |
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|
Gold (GOC) |
Up, 3, (3), [5] |
Down |
Trend has reversed and have signal to go short. Closing out long at Friday’s close. Going short at 1056. Could be time for a bit of a correction. 995 – 1000 is a good target. |
1056 |
1072 |
|
Soybeans(S) |
Up a, (a), [B] |
Up |
Momentum is still up. Will see if we are in more complext [B] correction up. |
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|
Cocoa (CC) |
Up, 5,(c), [B] |
Up |
Trend is still up .. But no clear trade yet available. |
|
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|
10 Year (TY) |
Up |
Down |
Trade was closed out with slight profit. Last week’s meandering decline has nullified my current count. Will have to wait for more to develop. |
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