Thursday, June 23, 2011

6/23 11:15

The stock market bounced a little to the 1-minute, 60-unit M/A but I'm holding out for a bigger bounce.
The good news is that we have a short in place UCPIX and a long dollar position EUO.  The bad news is that we need to increase position and, since 11,900, the market is ratcheting to slightly lower lows on 3-waves.  Nasdaq and Russell put in solid bottoms earlier and I'm waiting for a bounce. 
Silver has big support at 34.50, a point beyond that and it's free-fall.

The dollar has stiff resistance at 76.50 and beyond that a big spurt up.

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