This week was an outright absolute wild one on Wall Street and spilled over to virtually every aspect of the economy. Huge Declines in the stock market, whacked out credit spreads and soaring precious metals prices. And then... the Feds stepped in. The Dow Jones Industrials finished the week just slightly below last Friday's closing price.
 Silver - December Silver rallied to a hight of 1306.50 this week. Wall Street's problems heated up to a boil. Last week we said... Major retracement values achieved basis monthly chart data. It seems quite likely silver is poised to post reasonable gains off the 1031 low basis the December contract.
If Long move your stops up accordingly. Retracement levels of note are approximately: 1385; 1495; 1605. |
 Gold - Quite a week for Gold admidst the credit crisis this week. The market was said to be "panic driven" at times. Last week we said... Significant retracement value reached based on the weekly chart data. A move from the 73980 low basis the December contract seems appropriate.
If Long move stops accordingly. Major retracement values have already been seen off of last week's low. |
 Euro Currency - December Euro Currency reached just over 600 points above its lows of last week. Last Friday we sai the euro... Reached a valid extension target level based on the daily chart data and significant retracement level basis the weekly chart data. Rally of some magnitude off the 13811 low basis the December contract very likely warranted.
Secondary wave recovery levels have already been achieved. The next set of retracement levels are approx. 14600; 14850; 15100. With all that's going on in the financial markets andhow FX valuues can be affected, we suggest active stop managements. |
 Chicago Wheat - We had mentioned that neat Head & Shoulders formation based on the weekly chart data. This week closed what appears to be right on its neckline. |
 Live Cattle - This week's action in the October Live Cattle saw a return to and one close above the neckline of its Head & Shoulders formation, which comes in around the 10350 level. Possible price objectives are 9850 and 9500. |
 S&P 500 - We found it almost incredible that with all the fear in the financial markets this week that the S&P 500 scored a curtual direct hit on a key extension target. Then rumors of the Treasury Dept.'s action to resolve the crisis and this low was left in the dust. |
 Dow Jones Industrial - Much like the S&P 500, the Dow Jones Industrials found support at a significant level. It appears this week's low hit upon a key "return to breakout" level illustrated on the month's chart. |
 Soybeans - This week's low in the Soybeans retestd those of last April 1 which many considered very significant. Coincidentally there is a significant trendline touching at this same spot. A recovery of some amount may be reasonable to expect. |
