FOR FRIDAY: (11/2) Employment report on Friday will be key and we’ll have to wait for the reaction and always volatile. In the end we think that stocks need to be higher into Monday so buy the dips.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR FRIDAY: (11/2) Market stayed in a congestive band on Thursday but should be wild on Friday. It would not be impossible to get the 2685 area hit over the next day if we get a wild reaction but still hit 2786 next week. Watch floor support at 2725 overnight and in the morning. Much above 2745 and the 401k players will be slap happy early before employment report. We’re still going to have to deal with early month buying so you have to forget the Oct. bear market for now. If the market cannot take out 2741 early, it could fall to 2697.50 or 2685 and the cash gaps need to get filled and if it does not happen today it could happen on Friday. October is over and the chances for a recovery into Christmas are stronger than a sharp fall.
CYCLES OVERVIEW: Higher into Nov. 5.
