There are no turns of any great size due in equities this month, as we remarked at the last turn update. There are some smaller events though:
A smallish Dow Industrials long-term turn due today, November 5th, that is unsupported by any other turns. This may have come a day early at Friday’s high point or it may mark a low so is not of much use. The next big Dow turn is on January 22/23rd and we will remind you of it closer to that time.
As far as clusters of other turns go;
A grade 3 (the smallest) cluster of equity index turns on Tuesday 13th November in all regions, that coincides with a bond turn the prior day (Monday 12th). There is also a base and precious metals turn due on the 12th.
There s a bigger bond turn due soon afterward on the 19th/20th November (more likely on the 20th) but the only equity indices that also show turns that day are in the commodity-rich countries of Australia, New Zealand and South Africa.
Another grade 3 equity index turn cluster over the weekend from Friday 23rd to Monday 26th November – this is a US and European event only and coincides with turns in energy markets.
There are more energy turns due soon after, on Thursday 29th/Friday 30th November.
This turn famine extends into December although there are always some turns due at year-end. We will send details of these to you in a few weeks.
More on markets later today.