Higher

Higher prices are coming--

Good News!!!!!!!

I will be back on October 1st ready to fire up and go with some new ideas to share!!!!!!!!

Hope I was missed :)

MARKETJEDI

Still travelling

Well folks I might not be able to do any updates till I get back fully as my macbook that I travel with screen broke last night. It really sucks because 90% of the screen is out and I can't even access my important files that I need while away, definitely feel like a fish out of water.
Well everything happens for a reason so I guess I will just take it as such.

Crude Update

Some updates while I am still away

I WOULD NOT rule out new multi-year lows under 73.667.

We will see soon enough

TARGET HIT

The ultimate target on the S&P has been hit 1069. I have this number months ago along with the 1045-1054 as possible tops of this run in the market.
We will see soon enough what develops.

Still travelling - sorry for the light updates

Target- S&P 1069

I am still travelling just stopping by to say 1069 is the next target BUT would be a extension level of the target down below @1054. We are very close to a top in these areas

Target Hit

Finally target of 1054 finally hit. I would be long term short here.

Remember S&P TARGET

RemeMber S&P target folks- 1054 and possibly 1069.

We will see soon enough

Crude

DOLLAR

GOLD- TARGET

Wheat

I this believe we are in a move down in this market though the dollar might weekend.
356 is my target..

Fully short

fully short S&P 1021 average. Not a perfect entry but I will stick to it

Blog updates

blog updates will be sporadic during the rest of the month due to business travel.

MARKETJEDI

Gold and US dollar.

way back last year I noted the US dollar is in serious trouble:

http://marketjedi.blogspot.com/2009/03/beginning-of-end-of-us-dollar.html

http://marketjedi.blogspot.com/2008/05/is-it-wrong-to-be-betting-on-us-dollar.html

This is definitely coming to pass and I believe there will be alot more damage for the dollar and the rise in commodity prices.

Gold and US dollar.

GOLD

contributed

MARKET

The big question in the market here is whether we have completed the rally off of the March lows, or we have more upside to be seen in the coming weeks and months

While we have evidence supporting both sides, my opinion is that there is not enough evidence to support an ultimate top.

As far as this being just a pause, there are factors such as sentiment readings, wave structure and momentum divergence that suggests the upside is finished for now.

Confused? why not!

I taken an neutral bias based on a completion of the 5 waves up, but I have not yet turned bearish to take a swing on the short side, and am not ready to unless certain levels are breached.

MARKETJEDI

HIGHER???

Looks like we want higher- maybe the 1045/1054 area will be full filled.

S&P SHORT

Added 1008- now average 1005.50

Holding these for a swing -

Have a great holiday weekend everyone and travel safe if you are travelling

S&P short

Short S&P FUTURES 1003-

S&P

Here are a few numbers to look at on the downside and upside.
Downside- 984 then 972.
Upside 1014 and 1028

Oil speculation

There is a growing effort to curtail what they call speculators out of the Oil market. The problem I have is this is just another interference of market dynamics and as proven by last year run of $150 target on Oil, that whatever speculators do, the underline commodity will find it true price in a free market.
The suggestions I hear on the talking head shows in my opinion will make manipulation in the market more rampant and thus prices will be distorted again. To solve the problem, just leave it alone! Yes we will have blimps on the charts as any other market but it will find it true price under technicals and economics of the market.

China vs US

While the US spends trillions in an effort to thwart the bear market and to cajole consumers to spend more, China spends its money on infrastructure and buying up assets.

Yesterday in the Financial Times, read that PetroChina paid C$1.9bn. for a stake in Canadian oil sands projects. PetroChina will acquire a 60% stake in two oil sands companies. Previously, China Investment Corporation paid C$1.7 bn. for a 17% interest in Tech Resources, the Vancouver based metals producer that has a minority interest in the Ford Hills oil sands project. China is going heavily into Canadian oil sands.

Yesterday in NY Times the headline, "China Tightens Grip On Rare Minerals. Hong Kong: China is set to tighten its hammerlock on the market for some of the world's most obscure and valuable minerals. China currently accounts for 93% of production of so-called rare-earth elements. . . China has the supply for its own technological and economic needs, and will force more manufacturers to make their wares in China in order to have access to the needed minerals."
It's not difficult to read the Chinese strategy. China has $1.8 trillion in dollar denominated securities that they're worried about. So why not use them? It all fits in with China's aim to sew up as much of the world's assets as possible, always with the "excuse" that they want these assets for their future needs.

China clearly aims to be the next world's super-power, leading the world in wealth, gold, technology, manufacturing, exports and possibly in military strength. Meanwhile, America, run by a bunch of shortsighted teenagers, sleeps.

SHORT -AAPL

Yes my most hated traded stock. Giving it here as a short and yes I did say I will never but I guess they say you should never say never.

SHORT AAPL $166.50

Gold Bugs

Gold bugs out there should be happy about the movement in that commodity today. It has been consolidating for a long time and is due to break soon. Looks higher

Volume

Doing some homework here on yesterday's action I noticed the volume was almost 50% higher than the average for August on a daily basis.

Very bearish action indeed

Yesterday Action

Yesterday's action was very bearish as they sold them hard. Volume on the downside was 90% and the VIX rose by 12+% enforcing the bearish sentiment. We need to break 990 for the structure to be clean but we should at least get a little re bound today no matter how small it could be.
The next level below is definitely 975 which is where the B completed and the bulls will definitely try and defend this to the last. Bears don't want us to revisit 1028 area, but I dont see anything positive in this structure.
As I have been singing since the bottom, the top should be around 1045/1054 area and we visited 1040, so that might be enough to satisfy the structure off the bottom. Do we go straight back down? Nope but you need to be bearish here or if you long start getting flat.

Below 1000

This is very significant development here. The structure is fully in contact and I guess maybe 1040 is all she had on the upside.

1000

Do we stay above S&P 1000, 20 MINUTES TO GO!

1006

1006 didn't hold! We sliced through that and 1000, no I am looking and I can say the structure is still correct with the 1040 peak. I am so upset i missed it as I was expecting 1045, rrrrrrg Oh well.

Now if the structure is correct and 1006 holds up down we should see 975 in a jiffy although they might try and hold the 983 level

Dive

Pretty hard drive here. I have no clue if we had hit an short term high at the 1040, 4 points short of my target area) or this is a pullback to attack it once again. The momentum is definitely down here in the mid day but we have been seeing buy into the close of the last days, so lets us watch the close.

Very concerning for the bulls that we crushed through that 1006. Lets see what they want to do