FOR FRIDAY: (10/19) China is unraveling and that’s never good. Hoping for some pre-weekend congestion but stocks look lower next week and gold higher and oil lower and the dollar should be lower.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR FRIDAY: (10/19) We were wrong about Thursday being higher, as there were too many political wrenches between Draghi, the China crash and many other factors. Doubt we’ll get to decent levels to sell. Market fell 62% of the weekly range. Cycles don’t look very positive on Friday but still don’t have huge downward potential. We’re more negative for next week and want to see some kind of retracement on Friday to set up shorts.
CYCLES OVERVIEW: Congesting Friday; lower Monday.
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