S&P: On Jan 31st (+/-) 1 day we called for a market bottom, with one twist, a crash scenario if certain conditions took place. We mentioned however that the natural course for this market was to go higher into the 1322 level and ultimately 1344/1345 level. 1342 is the high today so its time to take some profit off the table- close enough for me.
What happens from here?
My view from the trading desk: This week retail was betting on a bearish report- there out!(trading 101 never trade your opinion)...The "Golden Cross" - there thumping there chest feeling pretty good about themselves because someone on tv mentioned this technical pattern and the market is satisfying that move. WATCH OUT "Golden Crossers" your next! Were close enough to completing this pattern and if the market offers us a sign to go short, hint hint maybe Monday or Tuesday, will take that train. Its important to wait for a sign of a confirmation. Stay Alert Stay Alive
Crude: On the radio we called for a Reflective Wave bottom in March Crude for today Jan 3rd(+/-) 1 day. This should produce a rally to at least 98.40. However were still inside a Monthly TOP that was predicted and one should use this rally as a "selling " opportunity. The monthly top is producing a potential target of $92-$91 to the downside.
Gold: Closes below 1755 should mark the first sign of a correction off this rally. Will SELL any rally attempts for lower prices. downside targets 1715 and potentially 1685.
Soybeans: On Monday Feb 6th/7th we have a Reflective Wave and Roadmap type TOP forecasted for this market. Look for a confirmation to go SHORT on this date. Specific entry and exit will be given on Christian Financial Radio Network on Monday- Listen in???
Predictive not Descriptive!
Reflective Wave is a unique turning point methodology that attempts to pick TOPS and BOTTOMS in advance. Its predictive by nature and attempts to pinpoint the exact price bar the next market reversal will occur on. Reflective Wave give you the ability to determine the next market top/bottom on anytime frame in advance(5min, 60 min, daily, weekly, monthly etc.)
The next PageTrader Reflective Wave seminar is Tuesday, February 7nd, 2012: https://www1.gotomeeting.com/register/689325128
Listen to us LIVE on CFRN-Christian Financial Radio Network Daily from 11am-1pm cst: http://www.cfrn.net/
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or services. Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
