Wednesday, November 17, 2010

11/17 Daily Commentary

Stock market is up in night trade.  This is buzz surrounding GM IPO which starts trading tomorrow.  SP futures 30-minute M/A is 1181 currently with 6 points above (1187) on a 30-minute close being the breakout point.  Hourly M/A is 1187.55 so this is a target if the push continues.  Being at the 30-minute M/A means that the push may not continue.
Silver is up in sympathy with stocks.  I have a small exposure via ZSL. 
The dollar should decline to 78.77 if stocks move up and I'll buy there.  The dollar is in the midst of a 3rd wave up.


  1. $SPX up gap needs to fill prior to significant decline. Market is close to it, enough bulls to do it, Uncle Sam needs partial cash-out of GM, so it will be done.

  2. Steve,
    What is your plan after tomorrow? Stay in short some or get out and wait? I have some potential short-term buy signals coming on Monday.

  3. I'll stand aside after today. If we have a selloff then this will make it a 5 down. Otherwise we have the first 3-wave in a triangle completed.