After a weak opening, the market rallied through the day, getting slightly above the previous close. But got hit towards the end of trading, closing down 46 at 1180.58. Oil, after being off a little for most of the day, also got hit toward the close, ending down over $2.00 at $83..21 Gold closed up $20.70 at $1386.70 and the Dollar closed higher again at 81.30, while the Euro closed down hard, under 130 at 129.80. Does anyone remember when the Euro was at 142 and GS was talking about the Euro going to 155? I think they still are.
Our Momentum Change indicator generated a Sell signal for the Euro 11/8 at 139.80 and a Buy signal in the Dollar 11/05 at 76.25
Our Momentum Change indicator remains on a Sell. Very short term traders who might have gotten long yesterday, looking for scalp a few SPX points, should maintain their stop at 1175.50. We expect the fireworks on the down side to commence next week, but be aware that other indicators are warning of an impending decline that could start at any time. Only day traders, with very short term horizons should be long at this point.. the majority of trading money should be short, respecting our Sell signal confirmation 11/12 at SPX 1202 should maintain short and short equivalent positions.
Good Luck Trading.
Bill
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