I’m late…(part 2)

Apparently the people I hang out wiht celebrate Halloween a WHOLE week early.  Anyway…I am back after another day at the market.  Again, there is not much new to reveal as far as wave count.  We could be putting in the 1-2s, or we could be putting in a triangle.  $INDU target on the triangle would be around 9K, expecting a slight spike (between 940 and 960 on $SPX).  This same range is relevent if we are unfolding in 1-2s also.

Prophet charts have been giving me (and most of you {sorry Tim}) trouble lately, so I will not be posting any charts.  I can report that the breadth was fairly negative and volume was around average.  The triangle should soon be coming to a head, and we should get a nice point of action.

Mole mentioned earlier that the Yen was at 2-year highs, and breaking this level might be a catalyst one way or another.

We are expecting nearly a 2000 point drop in $INDU once this pattern begins to release.  On the way down, I will be starting to accumulate (i.e. nibble) on some stocks in my IRA.  If you have the luxury of having a self-directed IRA, you may want to check out some stocks for the long haul.  Some of the shippers (GNK, DRYS, EXM, TBSI) in single or low double digits is a steal IMO.  Most of the Ag stocks are getting back to reasonable prices, but I still think we have more downside for those befor things get better.  If you can get a large enough position established, you can sell “covered calls” to help reduce the cost basis.  Something to think about if you have control of your IRA.

Hat tip to BIDU today, for producing a stellar move off of earnings I was completely clueless about!

That is it for tonight.  I don’t have any more “games” off the top of my head, but appreciated the response I got to my question.  More to come in the future for sure.  Hope the market is treating all of you well.

Skål!