The next level above that is significant is 1006. Please make note of my analysis from February which called for a high in the market somewhere in July. The last day of July proved to be the highest close for the market in 2009 but I still think we can go a little higher.
I hear a lot of people talking about the economy is getting better! could those people show me some proof and not just talk air :). I have said many times that the highest percentage returns in the market has been in bear markets so we must be careful with move up.
August must be noted as being an up month historically mainly because congress is on break. The market hates uncertainty and with congress being on break, we dont have that factor in the picture.
Lets see how high they want to push us but i am looking at that 1045/54 area (How many times I am calling that area ) to be some heavy resistance.
MARKETJEDI
Saturday, August 1, 2009
Corn Market
Another interesting grain market is Corn. Corn also rallied last week whether this is dollar related or economic related here is the wave chart below. Although it looks like a bear flag I think we should be looking at the grains for long positions on the weak dollar analysis. Look for a test of the 50% retracement
Soybeans update
Soybeans is a market I have been watching recently because of one of my associates
It surely had a nice week and took out some resistance mid week. Thursday we had a huge candle saying the volatility that happen in these markets. Friday we definitely closed at some resistance.
It surely had a nice week and took out some resistance mid week. Thursday we had a huge candle saying the volatility that happen in these markets. Friday we definitely closed at some resistance.
Friday, July 31, 2009
CRUDE
Crude took back yesterdays pounding and put in a engulfing bullish candle to start its C leg. Another monster range day around $4.53 with impressive volume which is the strongest since 5/7/09.
They finished off B in the globex session and left no doubts we were in the C part of the structure. It appears that we should be fairly close to completing wave 1 of 5.
AB=CD at 72.29. Retracements from the high include the 61.8% at 68.95, which is basically the high of A. There is also confluence around the 70.30 price with both the 70.7% and the 78.6% projection of A.
I am also getting a project higher also at around $74.55
This market is very buyable after it traces out its 2 wave IMO. I will be looking to put on a long line via calls. As always, please due your own due diligence before trading as Oil is definitely a beast by itself.
Time Cycles say we could have a daily peak tomorrow. This might coincide with the completion of 1. The next major peak we should be watching for doesn't come in for another 11 trading days.
Again folks, this doesn't mean price is going up for the next 11 days. It means that in 11 trading days, wherever price is at, should be a peak day. Price could very well be lower for the peak.
Have a great weekend
They finished off B in the globex session and left no doubts we were in the C part of the structure. It appears that we should be fairly close to completing wave 1 of 5.
AB=CD at 72.29. Retracements from the high include the 61.8% at 68.95, which is basically the high of A. There is also confluence around the 70.30 price with both the 70.7% and the 78.6% projection of A.
I am also getting a project higher also at around $74.55
This market is very buyable after it traces out its 2 wave IMO. I will be looking to put on a long line via calls. As always, please due your own due diligence before trading as Oil is definitely a beast by itself.
Time Cycles say we could have a daily peak tomorrow. This might coincide with the completion of 1. The next major peak we should be watching for doesn't come in for another 11 trading days.
Again folks, this doesn't mean price is going up for the next 11 days. It means that in 11 trading days, wherever price is at, should be a peak day. Price could very well be lower for the peak.
Have a great weekend
Thursday, July 30, 2009
Hate that
Hate when I am right and dont get the most out from it. Here is the 896 I was looking for at lunch time. Quick 60 points sell off here into the close.
Knew they would hit that 896 rrrrrrrrrrrrrrg
Knew they would hit that 896 rrrrrrrrrrrrrrg
Market Update
Well I think the last time I mentioned a possible top in the market should happen in July was May, the 23rd to be exact. This formation is working just as analyzed three months before and with one day left in July we are indeed at the highs for 2009.
Now here it gets tricky as I am still sticking to my number of 1045/1054 area as the more important number to look for as the top but we are 50 points away from that, so what do we do?
We can either trust the time analysis of July making a high +/- a week or wait for that 1045/1054 area. Timing is harder to do so I would put more reliability on the 1045/1054 area as the play but don't forget the time can be off a week so we still have a week in August for both time and price to get in sync.
Now here it gets tricky as I am still sticking to my number of 1045/1054 area as the more important number to look for as the top but we are 50 points away from that, so what do we do?
We can either trust the time analysis of July making a high +/- a week or wait for that 1045/1054 area. Timing is harder to do so I would put more reliability on the 1045/1054 area as the play but don't forget the time can be off a week so we still have a week in August for both time and price to get in sync.
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