Now We Can Bounce

Last night, ES tested the 1600 area lows last probed on June 6th.  They held.  In addition, my favorite measure of risk appetite USD/JPY has completed five waves down and is due for at least a moderate retracement.  Thanks to these and other developments, I am expecting a bounce, possible significant that could last till month’s end.

Of course, this all need chart confirmation and I am not overly impressed with the bounce so far.  I am up 1% today with big gains in BBRY and coal finally catching a bid helping CNX.  The stops are in and I’m checking out.

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