FOR THURSDAY: (10/18) We have stocks higher on Thursday and the dollar should stall at 9550-9555 and come off. Gold is probably a buy but it looks lower on Friday and we’ll be patient to see how pattern comes in. Crude is almost done with the current flush to 6756. T-notes look like 117.07 will come in to finish the weekly after we were starting to give up.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR THURSDAY: (10/18) Patterns and cycles look like the market could shoot up to 2854 and at the worst would retest 2780 on any unexpected horrible news. We’re inclined to buy on Thursday if the market is behaving. Cash taking out 2834 would be positive for an upward move, and holding cash 2793 and 2781 is very key. Still too oversold to get too beared-up about, and it came back from our minimum retracement targets of 2793 and 2783. Floor support is 2808 and that will be important in the morning.
CYCLES OVERVIEW: Higher Thursday; congesting Friday.
