Friday, November 13, 2009

S&P

S&P really needs to close above 1100 if it wants to go higher. Double-top is probably the last thing that index wants to see. This week we poked thru, but quickly formed a reversal pattern. Yesterday we followed through to the downside. If we close above the reversal candle, that'll bring some buyers.

Commodities are not doing well overall because dollar is at a critical level. Looks like a lot of people are watching for dollars. I still see a lot of nervous buyers and top pickers. As long as we continue to see those, I think we'll keep moving higher. When those who have been saying V type recovery is not possible turn into bulls, that's when we should go short.

NG at a multi year low level. Hopefully this forms a double bottom, or I'll be a painful waiting game. LB is doing ok.

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