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.

About these ads

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s