FOR FRIDAY: (11/16) Not sure anyone wants to trade after Thursday’s whippy action. Not enough of a definitive reversal signal for stocks without a close above 2750 so will see how it acts overnight. End-of-the-week congestive profit-taking may not give us new clues right away on the congestive markets like gold and silver.
DEC. E-MINI S & P 500
S & P ANALYSIS FOR FRIDAY: (11/16) Rumors of a China truce rallied stocks over 60 points intraday and if you were up 70 points from our short trade from earlier in the week, we doubt that you stuck around, and we don’t monitor intraday anymore. We had moved stops to 2752.50 to position trade in the morning. Market was very oversold but not a confirmed breakout close.
CYCLES OVERVIEW: Volatile Friday; lower into Nov. 19-20.