Stocks in 3rd down from the high 11/5. The 5th was the top I1 day so it caught this decline. Ireland may go cap in hand for help which would mean passing Irish debt onto the ECB plus some for good measure. It's not sitting in a savings account.
Precious metals down sharply but I expect a bit of a bounce today.
I'm hoping to not do any trades today. Short 1% DJ futures, long 8% SDS, short 1% silver futures, long 1% Dollar futures.
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Good morning, Steve.
ReplyDeleteYou no longer have a crude short position, right? Are you continuing to monitor that market and possibly go short again?
Looks to me like crude broke the lower channel line early this morning. This is the large uptrending channel going back to the late August lows. There are several ways to draw that channel, but just the simple TL from the 9/23 low to 10/29 low was broken.
Do you have any thoughts on possible targets for crude?
Thanks!
Steve
ReplyDeleteDo you think we are in wave 4 of a 5 wave up and have one more high to make or are we in wave 1 down and a correction to follow that will not bring new highs? Either way we should expect the market to at least correct up after this move down? What are the hot numbers in your mind that would get us in a count we could be sure of?
Jack C
ES and ZB
ReplyDeleteOkay, Ben. Time to pick your poison.
http://99ercharts.blogspot.com/2010/11/es-zb_16.html
pima,
ReplyDeleteI should have shorted crude again but I was afraid of all of the 1-way trades I had on. It looks like it's completing a small 5 down and a pop to 84.50 would bring me in.