Go Slow

Tough day yesterday, no other way about it.  We have entered another period of consolidation above the September highs.  The $SPY needs to hold 108, dropping below there would get me thinking in a more neutral state.  I took off the $STEC short Monday, and sold out of my $AU long yesterday, just trying to get my book a little lighter.  My $USDCAD position is a 55 day system position, meaning that I will not take profits on this one without it coming through the 2o day channel.  World leaders are trying to talk the $USDX up off the floor as if this were a boxing match.  Barring intervention by the Fed in raising rates (ain’t gonna happen), the $USDX will continue to slide towards the 08′ lows.  Gold is still consolidating above 1045, a break of that level and we could see the retest of the 1027 neckline.  Crude is consolidating its recent run as well, we need time let the buyers settle in.  I think the crude move caught many people a bit by surprise, one reason I believe we could see another explosive move to the upside.

Trade lightly over the next few days as the trend will emerge soon enough.  I am stalking a bunch of names right now for entries on both sides.  I’m looking to take long positions in $DE, $BX, and $APWR.

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