Market Update Nov-27-2009 7:00A.M.

By now most Elliott Wave traders would have identified this drop as primary wave 3 (P3). E-Mini S&P 500 Futures (/ES) came down from 1,111 to 1067. It has bounced back to about 1,079. This could be a minute level wave 2.

Gold Futures came down from 1196.80 to 1135.80. It has come out of the bullish channel it was forming since Oct-29th-2009.

Today is a short market day in U.S. You could take it as a day to short your positions or just short session of trading day.