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Traders are beginning to trim positions in already lightened trading ahead of the long Thanksgiving weekend.
Players are trimming back on stocks and dollar-asset positions, working to send December dollar index futures (DXZ1 | Quote | Chart | News | PowerRating) and stock index futures lower. Gold shorts are also trimming positions.
As mentioned last night, "Currencies have souped again," or made Turtle Soup-like setups, suggesting the dollar would fall and Japanese yen (JYZ1 | Quote | Chart | News | PowerRating), British pounds (BPZ1 | Quote | Chart | News | PowerRating), euro FX futures (ECZ1 | Quote | Chart | News | PowerRating) and Swiss francs (SFZ1 | Quote | Chart | News | PowerRating) could gain. Pounds and yen are on the Turtle Soup Plus One Buy page, opened right at the trigger, and are making good on their setups.
Despite strong finishes in the three major equity
index futures last night,
December Nasdaq 100 futures (NDZ1 | Quote | Chart | News | PowerRating),
S&P futures (SPZ1 | Quote | Chart | News | PowerRating) and Dow futures (DJZ1 | Quote | Chart | News | PowerRating)
lapped down on the open and are underwater. Today and for the past three
days, the indexes have been flashing that they were overbought and due for a
reversal. Since last week, the Market
Bias Indicators Page has had at least four down signals that the market has
been resisting. The pullback today is coinciding with the lightening of
positions ahead of long weekend and lightened trading week.
December gold (GCZ1 | Quote | Chart | News | PowerRating) is consolidating losses in an inside day with
slightly higher to flat prices, up .1 at 273.2. This contract is on the
Implosion-5 List and has broken its head-and-shoulders neckline.
Energies are getting a strong boost as a non-OPEC (Norway, Russia and Mexico) production-cut deal appears likely as oil producers collude to limit world supply and drive oil prices higher. January crude (CLF2 | Quote | Chart | News | PowerRating) is up .72 at 19.15.
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