FOR THURSDAY: (10/25) Wild day. Thinking a huge sucker punch bounce could happen, as major support is close at hand for stocks. Market somewhat untradeable overnight but have to pick key numbers. Major bounce probably coming on stocks on Friday at the latest.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR THURSDAY: (10/25) We had suggested selling 2745 this morning when we published at 7 am but not clear how many people got it in time and our profit objectives of 2732, and 2716 came in quickly and we missed another 50-60 points. The market did get back to 2742-3 early and our day trade service was bearish. We have been in SDS for short S & P on our ETF Timer since last Friday when the S & P got to 2800. Market too close to major support, which we had talked about on Monday at 2633 on cash. Resistance is at 2682 and floor resistance at 2689 and if that comes out, we could see a bounce to 2713. Market will have to close above 2768 to issue a sell signal.
CYCLES OVERVIEW: Bottoming Thursday; higher into Oct. 31 and Nov. 5.