December Dow Jones - The Dow Jones futures closed higher for the third day in a row and made another 13-month high in the process. The cycle remains bullish, so Dow Jones futures should continue to move towards the reaction line target objective at 1,0535 and the November 19 reversal swing date.
December Japanese yen - Long from 1.1160 - last price @ 1.1200 - The Yen futures ran into some resistance at the descending upper parallel line and closed lower for the day. Wednesday is the next projected reversal swing date and could set the stage for the direction. Hold the long position, with the stop loss at 1.1140.
December British pound -Long from 1.6805 - last price @ 1.6810 - British pound futures spent most of the trading session in negative territory and finished as an inside day. The market did find support at the ascending median line, so it still remains bullish. Hold the long position, with a stop loss at 1.6555.
December Eurocurrency - Long from 1.4945 - closed @ 1.4850 - After closing higher for two consecutive days, the EU failed and dropped below the pivot low, but did find support on the lower ascending parallel line. The next direction is a little unclear at this point, so I want to wait one more day to evaluate the price action before taking a new position.
December 10-year Treasury Notes - I just missed the entry by 2/32 as the market dipped to 119-10, missing the entry price of 119-08. After posting the low, T-Notes rallied to 119-23. The notes are testing the 119-29 overhead resistance for the third time since September 11th and should be able to break through on the third attempt. The next reversal swing date is due November 11, with a target objective of 121-00.
January Crude oil -Crude oil advanced on expectations that a government report, due to be released on Wednesday, will show U.S. fuel inventories declined last week. Crude oil closed slightly higher, in spite of the higher Dollar and closed higher for the second day in a row. The market is moving off the low pivot posted on the November 13th reversal swing day and appears ready to finally break out of the two-week consolidation pattern. This pattern could mark the center of the longer-term cycle and the beginning of a new bullish leg. Buy the Crude oil at 78.85 or lower, with a stop loss at 77.05.
December Gold - In the last issue, I talked about the Gold hitting up against resistance that could be a possible high. I then said Friday, November 13, was a projected reversal swing day and I wanted to see what type of signal the reversal date would provide. Friday began with a lower open and a trade below the prior day's low, before strong buying entered the market and reversed the direction. Gold closed $10.00 higher, but more importantly; the reversal swing date pattern was also bullish. The momentum increased over the weekend and Gold surged to a new record high of $1,144.20. Gold should continue higher, with the next target objective at $1,160.
January Soybeans - A late surge of fund buying pushed Soybeans out of the zigzag consolidation pattern it has been forming over the past three weeks and through the long-term downward sloping trend line. This price action portends a move to the ascending median line target objective of $10.70 as we approach the newly calculated reversal date of November 25th. Buy the Soybeans at $10.19 or lower, with a stop loss at $9.89.
December Corn - The three-day pullback from the November 11th high found support at the 20-day SMA. The weaker dollar provided support for the Corn and the subsequent rally to test the recent high. The market is again poised to test the ascending median line for the third time. The market appears to have enough momentum to continue to climb into the November 19 reversal swing date.
January Orange Juice - Long from 118.50 - last price @ 112.40 - OJ is testing support at the lower ascending parallel line. Hold the long position, with the stop loss at 110.00.