Thursday Market Wrap



The S&P tanked pretty hard in the morning, overthrew its 50 day moving average support by a little bit ( at around 12:30), then staged a rally that took it about 24 handles off the lows to close green. Very bullish action. There will be decent moving average resistance (hourly chart) tomorrow around the 1635 level tomorrow, so we’ll watch that level.

Much was made today (all week actually) of the numbers tomorrow, so if the market is obsessing about it, then its important. We all know that, but its out of our control, so all we can do is watch and wait.

Japan has been in a world of hurt this week. DXJ is still holding on, but YCS received a high volume thrust lower today (here is the link to view it).  This happened at around 12:30 pm today. It thrusted through the level and bounced right back over the stop.

Right now, the dollar/yen is up about 3/10 % and the Nikkei futures are about a 100 points. We’ll see if the selling has climaxed.  I think we’ll know over the next coupe of days. If you stopped on YCS I will keep you posted. I think may of you are still long as am I and if you are I lowered stop to 60 in the event that the high volume sell off today at around 12:30 may have been capitulation in nature.

There were ample opportunities to take some profits on both YCS and DXJ since the original trigger. Almost 10 points in DXJ and % or so in YCS. I know many of you guys use your own exits, but if you’re still long, so am I. I traded some, but still have common and  August call options. Let the fun begin.

See you tomorrow.


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