- July NFP pleasant upside surprise (+117k) but as usual, market did what it does best - suck in early "reactors" (=buyers on good data) to build up potential energy for a strong push in its natural technical direction (down). That we managed to close unchanged on the day in S&P and +0.5% in DJIA suggests that the equity bear trade is temporarily over.
- USDX : Despite heroic attempt to rally, this week's price action has done little to change the negative outlook.
- US10YY : SHS objective (2.51%) met and exceeded (2.34% low) and reclaimed (2.56% last trade). Sometimes technical moves fall short of objectives (and holding out wipes out reval profits); other times they far exceed and make one feel like an idiot for getting out early (moi). All part of the game, not to be taken personally.
- S&P500 : SHS top taken 6 months to form. Projected downside move of 117 points is 81% achieved in 2 trading sessions. What's left to play for now is not low risk high reward. Move on to something else.
- Gold : Still positive but not unreasonable to expect some consolidation after triangle objective at 1664 met.
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