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1.
Introduction
I have been saying of late that we may
have seen key peaks and that I was waiting for the
initial declines to end and for corrective rallies to
come in. Well, they now seem to be coming in and I am
now looking for shorting opportunities. As a general
rule I will either go short into these rallies or on
acceptance below the recent lows. These lows are at 5354
on the FTSE cash, 4827 on the DAX cash, and at 1205.35
on the S&P cash. Having said that I would
concentrate on FTSE at this time as the other two are a
little further down the road albeit you could
alternatively argue that FTSE is showing relative
strength.
2.
FTSE 100
In
London FTSE is now at 5397 up 11 points. The decline
lasted 2 days and we have now rallied for one day so the
signal may be imminent here. Indeed I will be looking to
go short today on FTSE. A false break above 5400 might
be a good signal.
3.
The DAX
The
Dax is now at 4865 up 16 points. The DAX has closed the
gap left by yesterday’s opening but still has gaps
left by Monday’s and Wednesday’s openings. Hereto we
could plunge down from here.
4.
S&P 500
The
S&P closed last night at 1214.62 up $4.42 with the
S&P December futures now down $1.10 on Globex this
morning. We may now have seen the end of wave 3 with a
fourth wave rally now upon us. To summarise, FTSE may be
about to start wave 3 down, the DAX has started it and
the S&P may have finished it! Charts in this
week’s TTT, sent to email subscribers last night,
illustrate this on FTSE and the S&P.
5.
NIKKEI DOW
The
Nikkei Dow was closed this mornings. The Nikkei is still
above 13000 – still looking good.
6.
US T-BONDS
T-Bonds
have bounced at support.
7.
UK Gilt
The
UK Gilt is slipping a bit.
8.
Gold (UK cash)
Gold ditto.
Keep those profits rolling in and I will speak
to you at 10:00
on
Monday morning
My
Trading Rules
I
trade a number of markets through spread betting,
options and/or futures positions. t1ps.com Ltd does not
believe that my articles can move the markets concerned.
If
I have an open position or positions on any markets
which are the subject of one of these reports at the
time of publication of an article written by me, the
existence of that interest and whether it is long or
short will always be declared in the article in the
format 'I have a long/short position in the DJIA/the
FTSE 100/gold' as appropriate. This is in order to
inform readers so that they may assess whether the
existence of any such interest may have influenced the
content of the article. Such disclosure does not
constitute investment advice. The time of publication
means the time at which an email containing the article
is sent.
After
publication of an article containing a disclosure of an
open interest as above I may alter, or close the
position or positions the subject of the disclosure
without restriction. There are no restrictions on the
opening of positions provided that any open interest is
declared as above.
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