Here is an excerpt from today's comments.
November 2, 2007
1630 EDT
The markets close on a rally based on a rumor of staffing changes, then the announcement of a weekend meeting at Citi. We don't see a low for Citi for several months - potentially in April 2008. It may be a swing trade, but we would not hold Citi until it touches another extremely oversold level above $31 in the months ahead.
WBB
1530 EDT
We will exit our short index Swing positions in the three indexes at today's closing. Time Loci have been updated for all indexes and ETF's.
We will enter 100% long in the Swing positions for SPX, Dow and RUT at today's closing.
We will enter 100% long in the NDX Swing position but we expect a slightly lower low in Monday's morning session for NDX. Positioning for NDX may wait for completion of the current downward intraday structure. Further, we expect a higher opening for all four indexes we trade at TimerTrac.
We are expecting to see upward action for the next 3-5 trading days.
Bernanke speaks twice next week and once before the Joint Economic Committee at the Capitol.
*** The EUR/USD may not be your trading vehicle but we expect that attention to how and what it reacts to next week will point to the track for the U.S. Dollar for weeks to come. Thursday's expectations for the European Central Bank's announcement is critical to a sustainable upward move in U.S. indexes.
WBB
Chart from www.stockcharts.com
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