FOR FRIDAY: (9/14) Pre-hurricane weekend, with cycles intense over the weekend for fear and it doesn’t look like it will be over by Monday but somehow the weather people always having us betting on the end of the world and it’s never quite that bad. Still, it will be a mess and will hurt the dollar short-term and create more debt with federal aid but when you have a printing press, who’s counting? We have been a bit gun shy this week but have had a sense of market numbers and direction. May be able to do something early next week.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR FRIDAY: (9/14) What is there to be afraid of when you can get a top of the line I-Phone for $1449? Hurricane Florence down to Category 2, which means it can stick around longer. We need to be in the Dec. contract, which is about 5 over September. It projects 2925 but cash resistance at 2910 is probably more realistic, and that means 2915 may not come out on Dec. futures. We do see profit-taking on Monday but not sure it will mean much. Should be boring trade on Friday and not clear how much of a pullback we’ll see. Current patterns suggest 2902 and 2898 will hold breaks from extended levels.
CYCLE SYNTHESIS: Sideways to higher Friday; lower Monday; higher into Sept. 18.
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