11/24 Daily Commentary

The stock market is still on track to build a wave 4 ascending triangle bounded by SPX 1225 on the top with a target buy date 12/21.  A month is a long time to go nowhere so it would seem this forecast is bucking the odds.  If it pans out the launch should be sharp and conclude the 2009-2010 rally.  The hurdle is breaking the 5-minute, 370-unit EMA on the upside by 1.35% which is 11,255.  Breaking 10,975 will get me short. I don't want to trade this triangle.

I'm still waiting on silver to pop to $29 out of it's rectangle.

Happy Thanksgiving!