FINANCIALS
December S&P
It appears that prices broke below the channel, retested that break and failed to move up into it. That has the earmarks of a read break. For started I can reach down for the critical Gann line for a target and that means 1362. Should this index fall to too fast we run the risk of technically turning the trend down.
US Dollar Index
(unch) The close last Friday gave a buy signal for this currency. I would not bet on getting rich with a long position but I would not want to be short. I still believe that my recent target of 80.50 to 81.00 will yet to be realized before this index turns down again.
NASDAQ 100
This break is real and has a ways to go yet. We have already passed the 50% retracement (2660). The 75% retracement lies at 2550
December Euro
I strongly believe that the setback from the recent high is but a wave 4 correction…only a reaction.. That correction is not expected to exceed 1.28 to 1.275 on the downside. That should be enough to scare many longs out of their positions making this currency ripe for a move to the MOB between 1.3500 and 1.3600
December J Yen
Let us try the short side of this currency risking a close above 1.2675.
December B Pound
Go long risking a close below 1.5950
December Cdn Dollar
No positions.
December Aussie Dollar
No positions
ENERGY
December Natural Gas
It looks like I guessed wrong on this contract making it to the 2nd wave 3 target at 4.16-4.21. Instead what we have a is a resistance belt above and below the critical Gann line and the wave 3 target. That belt of resistance should be able to push prices a bit lower into the 3.68 to 3.65 area terminating a wave 4 correction. I would not turn bearish at this time.
December Crude Oil
Although prices find themselves in the MOB, I expect they will move lower to the swing count at 81.10 before uncovering buyers.
Metals
December Gold
No positions
December Silver
If you can afford to risk a close below 30.75 (31.75 was a typo) then you may short this contract. I will take that risk.
December Copper
No positions.
Agriculturals
December Corn Protect short positions against a close above 7.84.
November Soybeans:
Cover shorts and stand aside..
December Wheat. If long, protect those positions against a close below 848.
MEATS
December F Cattle
No positions.
December L Cattle
Stopped out of long positions.
December L Hogs
Stopped out of long positions.
SOFTS
December Cocoa:
No positions.
December Coffee:
No positions
March Sugar
Short this contract risking a close above 20.10.
