The stock market fell further today to as low as SPX 748 taking out the Oct 2002 low of 768. We are now down 12% in 2 days.
GDX held up better only falling to the low 18 area.
A strong rebound wave is likely from these levels and I have been looking for a low this week, tomorrow being day 30 of the 27 day cycle +/- 3 days.
Maximum upside is about 975 SPX and even if we get close we will reposition to the down side and get out of longs.
We use Elliott Wave, cycles as well as technical, and sentiment in order to determine the direction of the Stock Market and Gold Mining Share Market. Trades verified by Timer Trac and trade the close each day. Gold trades track Profunds/RYDEX/XAU mining shares and not bullion. Weekend blog is for the longer term outlook and review of the week. Please support the Welcome Home International Foundation (below) and help yourself by getting your own My Power Mall. Please pass this blog on to others.
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