FOR THURSDAY: (3/9) We have rollover to June S & P starting and the trade continues to wait for employment numbers. Our cycle work suggests gold will hold and recover into Monday and that the dollar will come off but will it survive computer ALGO jerky action first?

SWING TRADING RECOMMENDATION: Hold March e-mini S & P shorts from 2376 with a 2379.50 stop. Exit all remaining March shorts at 2351 or market on open at 7:30 am Central time on Thursday.

S&P ANALYSIS FOR THURSDAY: (3/9) We need to prepare for rollover to June S & P which is trading 3 points under March. We should see 2350 before the market is done and does a 30-point bounce, with probably a cycle high for a bounce into March 17. Probably the low is in by Friday, March 10 but could go a few days lower.

NEAR TERM: Enough of a close now that everyone knows the market has topped and we can target 2321 on cash. Seasonally the market is often lower the 2nd half of March. The 2520 projection for May is very clearly in the patterns now and wondering if it will happen. We see no point in top-picking.

OVERALL: (2/15) Still thinking an early April low and then still new highs this year and not thinking crash this year to 2520 and maybe a 10% correction between August-October and 20% If things seem more dire with US rioting and a deeper European collapse. Market seems lower from mid-May into late June and probably into July.

CYCLES OVERVIEW: Congestive into Thursday; volatile Friday.

Comments are closed.