SHORT TERM PORTFOLIO UPDATE – As of September 26, 2009
This week may give clues to whether the S&P and Gold are going to correct for a while. Still too early to tell if we are talking about a major top but it may be a tradable top in both. Soybeans still have not confirmed the trade. Am waiting patiently. Also looking for 10 year to show its hand…will it be up or down?
|
Index/Market |
E-Wave |
Daily Trend |
What’s Next |
Entry Price For Current Trade
|
Stop |
|
SP 500 (ES) |
Up, 4, C, [2] |
Up |
No change this week. If the correction goes further the trend change will be labeled. If the S&P goes below 1034.50 I will short with a stop of 1071.50 |
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|
Gold (GOC) |
Down, 2, (C), [B] |
Up |
Although my wave count suggests Gold is only correcting moderately, a mechanical system signal was generated to go short at 998.90. |
998.9 |
1014.8 |
|
10 Year (TY) |
Up, 3, (3), [C] |
Up |
Still unclear. Looking for movement above 118.516 |
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Dollar (DX) |
Down 5, (C), [C] |
Down |
Too early to know if a bottom is in. Will watch and wait. |
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Soybeans(S) |
Down 3, (3), [C] |
Down |
New short signal at 922. Movement below 881 will confirm. |
922 |
977.75 |
|
Cocoa (CC) |
Up, 5,(C), [B] |
Up |
No confirmation that upward move is over. Still waiting for confirmation that 3219 is tradable top. |
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Sugar (SB) |
Unclear |
Up |
Looking to see if 9/01 top was a good tradable top. Await movement below 22.50 |
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