The markets did indeed move HIGHER at Thursday’s open, but then gave it ALL up and then some by 3:00 PM EST. The markets then managed a small rally into the close on Thursday, but well off their HIGHS for the day. The NDX pushed above the (.618) level of 1496, discussed on Wednesday night, and tagged the 1503 level; which is just two points above the smaller degree (.786) level of 1501.36.
The markets look poised to continue their declines on Monday; with NDX now seeking to fill the GAP at 1453. At that point we will likely get a small bounce, as traders step up to BUY the filled GAP. The filling of the GAP will also complete a smaller degree Impulse Wave to the DOWNSIDE that should create a small rally into the close. I want to SHORT this RALLY at the CLOSE.
The “probability” has increased dramatically that Wave 2 of C has been completed in the DJIA, SPX, NASDAQ, and NDX. The markets are now set-up for substantial DECLINES over the next few months (into late August) as Wave 3 of the Same Degree unfolds. This coincides with completed corrective patterns in markets around the world; for example, with the Nikkei at or near completion of Large A-B-C correction since 7600 that is Wave 4 of C of its Thirteen (13+) FIB year decline from its All Time High.
Prior to the close on Monday, I will place an order to purchase the Rydex Venture (RYVNX) Fund with my Funds in the Aggressive portion of the Total Portfolio. The STOP LOSS will be one point above the calculated (.786) retracement level of 1518.91. So the STOP LOSS, for the newly established RYVNX position, is with the NDX at 1520.
Currently, I have a CASH position since 04/02/04 within the Aggressive Portion of the portfolio; while the Conservative Portion of the portfolio has been in Cash or Cash equivalents since 01/02/04.
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