SPX (S & P 500) Took Out 10-1-07's Cycle High And Comments Are Back On

SPX (S & P 500, http://stockcharts.com/charts/gallery.html?%24spx) took out 10-1-07's potential countertrend Wave B (began 8-16-07) cycle high at 1549.02, with a cycle high so far and likely session cycle high at 1552.43, due to today's good economic data.

SPX's (S & P 500) 5% major sell signal, see chart 2 at http://www.joefrocks.com/GoldStockCharts.html, indicates that July's cycle high at 1555.90 is a likely Cyclical Bull Market cycle high, for the cycle that began in October 2002. So, July's cycle high at 1555.90 obviously should hold.

Comments have been turned back on after being off for a long while, but, they're moderated, so, I have to approve them before they appear. If I had known about the moderate feature I would have turned them back on much earlier.

As discussed yesterday I'm looking to/might buy/trade a tiny position in GXPI.OB in a short term Wave 2 type pullback, a gold penny stock that appears to have put in a major cycle low at 0.06 on 10-1-07, see http://stockcharts.com/charts/gallery.html?gxpi. There's been more follow through today, but, I'd still like to see even more before I trade a tiny position. Note GXPI.OB's bullish large inverse spike at 0.06, and, the (borderline) major buy signal/very strong rally in recent sessions on strong volume.

Another gold (plus silver/base metals apparently) stock, MGH, (http://stockcharts.com/charts/gallery.html?mgh) shot up some more today, but, needs to do an Elliott Wave ABC down up down monthly downcycle before I'll look to trade a very modest position. None of the stocks I discuss/analyze are recommendations.

....... http://www.JoeFRocks.com/