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Position Squaring Ahead Of T-Day

  • November 20, 2001
  • Marc Dupee

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
(
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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
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British pounds
(
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euro FX futures
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Swiss francs
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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
(
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S&P futures
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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
(
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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
(
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