Friday, November 4, 2016

Weekly outlook for Nov 7, 2016

Nine days in a row down.  Some support levels broken and week closed below those levels. 

Election on Tuesday next week.  So it seems we have a setup for a potential BIG down day first two days next week. 

Next week I sell my RWM (Russell 2000 Inverse ETF) position.  I will be watching closely for a bottom and pivot upwards. 

May buy a position in IWM if it looks like a bottom forming/formed.  Could take until around Thanksgiving  (2 weeks or so)  for that bottom to confirm....



GL traders

15 comments:

  1. Thursday the Nasdaq was down 8 straight days and the last time that happened was 2008. Friday 9 days, and last time that happened was 1980... Just saying...

    ReplyDelete
  2. Real bearish ???? Clinton victory we go to 1960, trump victory we drop to 1700s

    ReplyDelete
  3. Not sure if effect is that immediate, but it tells us something strange/unusual is happening in the market.

    ReplyDelete
  4. IMHO, we are completing a Wave 2 down of the last remaining wave 5 up. Wave 5 ends at around June/July...coincides with Hurst. So, get ready to go major long very soon for wave 3 of 5 UP!!!

    ReplyDelete
    Replies
    1. Hi Haejin, Based on your Link posted below the end of wave 5 is some times around Nov.2018 ( same Author, different articel), how do you came up with Jun/Jul 2017 for end of wave 5? Thanks,( I posted the pic below)
      http://static.safehaven.com/authors/gudgeon/42957_a_large.png

      Delete
    2. Totally confused will we 1950 first???????

      Delete
  5. Has wave down completed haejin in your opinion???

    ReplyDelete
  6. Not sure, could be the start of bottoming over next few trading days. Usually get volatility (up and down) around presidential election)

    ReplyDelete
  7. Best guess is - Friday was a cycle low of shorter cycle (20 days). Also probably low of 20 week cycle. Regardless - I got stopped out of my RWM position (gave back part of my gains). Should be clearer by end of week.

    ReplyDelete
  8. Check out:
    http://www.safehaven.com/article/42935/relief-rally-coming-election-implications


    ReplyDelete
    Replies
    1. This guy was on ball spx up to 2190 or so now 1950?????

      Delete
  9. In number of days, yes, we saw longest streak in a while. But barely a 3% down when 5,10,20 week cycles are diving?

    This market does not want the go down probably because there's lots of upward travel left.

    SPX 3,300 by Oct 2018? Hmmmm.

    ReplyDelete
  10. 10:00 pm - DOW futures tanking, down around 500 points (CNN)

    ReplyDelete