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The market structure is fractured, with the Nasdaq smoking all other indices on Friday with Apple, Google, and Amazon accounting for all the action. Nasdaq Comp fills a gap at 2472.32. After-hours the other indices' futures markets broke out of triangles and I've got an order selling SP futures Sunday evening at 1178.50. Financials have been falling fast. I'm currently flat but I want to be short again before Monday's open.
The dollar index is close to confirming trend change. Currently any hourly close > 77.66 will ring the bell. I hold 5% UUP but want to buy DX futures in that event.
The dollar index hit a strong buy signal of +17 yesterday and is a close-your-eyes buy.
I traded out of the silver short but kept the silver short ETFs. I'll be back short at 24.49 on Sunday. This trade will only last until 10/26, the stock I1 bottom date because silver has it's own PM12 that tops 11/4.
I have recalibrated silver's daily technical composite and it is now -20. I posted "Silver Technical Composite" which documents each case where it's value reached or exceeded +20 or -20 over the last 30 years.
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Good effort, Timmay
ReplyDeleteEUR/USD.
http://99ercharts.blogspot.com/2010/10/eurusd_16.html
USD/JPY
Steve
ReplyDeleteIf I recall, you are predicting the stock bottom in mid November. Is that still your call? Why do you predict that rather than the bottom being on the lowest I1 date which is next week? Isn't that the lowest value for I1 we can forsee in the near future? Why wouldn't that be the bottom in stocks too? I'm just trying to follow the logic.
Thanks and have a good weekend!
Charles
Charles
ReplyDeleteThe recovery from the lowest I1 value is well below 3.25 and is saleable. In addition, after the election the stock market will fall hard, probably into mid-December. If anything, mid-November is early.
Didn't know how to edit the earlier post; sorry.
ReplyDeleteUSD/JPY
http://99ercharts.blogspot.com/2010/10/usdjpy_16.html
Steve,
ReplyDeleteI agree on the potential for a sell the news reaction after the Nov Fed meeting and election which conveniently coincide. I wonder if that idea is too obvious or popular.
Charles
Anything obvious will be sold early....
ReplyDelete