Tuesday, November 11, 2008
Nov 11 Pre-Close Comments
Our model is going to 100% cash at the close. There is a cycle top due either Thursday or Friday and we may continue slightly up from here before heading down once more into perhaps next Monday.
Nov 11 2008, AM Comments
The stock market continues to get hit this morning with the SPX down about 30 points. Our Direxion NASDAQ 2.5X bull/bear ST trading is now +92% since Oct 20, 2008! WOW!!!
GDX is falling into the 21 area and looks to be setting up a low late today or early tomorrow near 19.50/20.00. The mining shares are also about ready to give a nice ST buy signal.
Next update will be about 30 minutes before the close today.
GDX is falling into the 21 area and looks to be setting up a low late today or early tomorrow near 19.50/20.00. The mining shares are also about ready to give a nice ST buy signal.
Next update will be about 30 minutes before the close today.
Nov 11 Pre-Market Commentary
Our ST model shorted the stock market at the open Monday after closing out a day trade long on Friday. So far, it has been a profitable trade. Today, the stock market futures are pointing to still more down side on the open.
Cycles and waves point lower into late day today to early tomorrow for a low. If we sell-off dramatically near the close, we will cover shorts and begin initiating long positions for the expected rally into week's end.
We are oversold enough on some VST indicators to suggest a low is nigh. Cycle-wise, the bigger 2.5/5 week cycle low is due soon. The 4 day cycle is due late Wednesday, but has been coming in early as seen by the 4 day cycle top due late Monday and coming in early Monday.
Gold mining shares could see a nice ST low Wednesday and we may go long in the ST model then. The IT model is still in cash and will remain so until after we double top and come back down one more time next week.
Cycles and waves point lower into late day today to early tomorrow for a low. If we sell-off dramatically near the close, we will cover shorts and begin initiating long positions for the expected rally into week's end.
We are oversold enough on some VST indicators to suggest a low is nigh. Cycle-wise, the bigger 2.5/5 week cycle low is due soon. The 4 day cycle is due late Wednesday, but has been coming in early as seen by the 4 day cycle top due late Monday and coming in early Monday.
Gold mining shares could see a nice ST low Wednesday and we may go long in the ST model then. The IT model is still in cash and will remain so until after we double top and come back down one more time next week.
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