SHORT TERM PORTFOLIO UPDATE – As of October 2, 2009
The S & P does appear to be correcting. Went short when it hit 1034. This level meant that correction could not be a 4-wave of a 5-wave advance. Gold’s action is unclear as of yet. Still short but that could easily be stopped out. Soybean action looks like it is continuing to downside. Sugar also looks to be going down…likely will be going short on sugar next week. Am Long on TY. Believe this is a multi-month play looking for a new high to complete 5 of V waves up from late 1989…a 20 year move! See my chart on a separate post.
|
Index/Market |
E-Wave |
Daily Trend |
What’s Next |
Entry Price For Current Trade
|
Stop |
|
SP 500 (ES) |
Down, 1, (1), [3] |
Down |
Am short now. Next resistance target to take out is 1011, the A wave high |
1034.5 |
1075.7 |
|
Gold (GOC) |
Up, 5, (C), [B] |
Down |
Although my wave count suggests Gold is only correcting moderately, and may be ready to rise in a 5th wave, my mechanical system signal was generated to go short at 998.90. |
998.9 |
1014.8 |
|
10 Year (TY) |
Up, 3, (3), [C] |
Up |
Penetrated 118.516. Went long. Target is 121.63 initially and making a new high ultimately. |
118.52 |
117.2 |
|
Dollar (DX) |
Down 5, (C), [C] |
Up |
Too early to know if a bottom is in. Will watch and wait. 78.06 is first resistance level I’m looking at. |
|
|
|
Soybeans(S) |
Down 3, (3), [C] |
Down |
New short signal at 922. Movement below 881 will confirm…Fridays low of 885 is getting thre. |
922 |
977.75 |
|
Cocoa (CC) |
Down, 1,(1), [C] |
Down |
Looks like tradable top is in. Going to give more time to see. |
|
|
|
Sugar (SB) |
Down 1, (1), [C] |
Up |
Looks like top is in. Will go short at 22.50. |
22.5 |
25.43 |
