Folks,
Market Observations for the Week: Despite the government shutdown, the SPX grinded to a new ATH at 6718. Our TRIN5 SELL SIGNAL for the SPX on Monday has only coincided with a small 4th wave correction on the hourly chart which is bullish for higher SPX prices into October. However, with the NFP jobs report on Friday, the SPX could still see volatility going into the Yom Kippur holiday. The uptrend in the SPX and gold is still in place, and we are looking for higher SPX and gold prices into October before a significant correction – 10/9 remains our time target, but the 10/21 New Moon is also a possibility. Gold made a new ATH at $3922 overnight Tuesday, and silver tested $48. We intend to raise cash going into October, which could see up to a 10% correction in the SPX and NDX. In the longer term, the GDX could test $90 by December, and silver could test its ATH at $50 by mid-October. Our current investment positions are: 25% cash, 5% QQQ, 25% GDXJ/SILJ/REMX and 20% physical gold/silver/platinum. We have a 25% overall allocation to our short-term trading account which was last updated on Wednesday to include: 50% cash, 0% SLV, 0% GLD, 0% Barrick, 25% SILJ, and 25% BABA.
TURNING POINT DAY
We have a turn window for this week on 9/28 and 10/3.
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