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.
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.
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$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.
ReplyDeleteSteve,
ReplyDeleteWhat 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.
Charles
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.
ReplyDelete