7/4 11:30am

I covered the NQ short at 2361 on a new high.  SP is -1, DJ +21.  SP  and DJ have completed counts up but NQ is in 5th wave now, breaking out of a rectangle wave 4.  I was short from 2357.50 and will use the 15-minute, 82-unit M/A less .2% as confirmation of trend break and re-entry.

I'm currently 6% SDS, 4% DXD, 3% EUO, and 1% UCPIX.

DAX is underperforming, advancing .7% Friday closing at 10am EDT, 6 hours ahead of New York.  With U.S. markets up 1.4% Friday the DAX will only keep up if it closes up .7% instead of .32% currently. 
Jul 1, 2011 7,374.49 7,443.20 7,357.03 7,419.44 32,625,500 7,419.44


Jun 30, 2011 7,310.34 7,378.35 7,285.44 7,376.24 32,845,500 7,376.24

Jun 29, 2011 7,230.95 7,320.30 7,230.95 7,294.14 38,853,400 7,294.14

Jun 28, 2011 7,138.50 7,187.08 7,075.19 7,170.43 37,509,000 7,170.43

Jun 27, 2011 7,101.15 7,144.44 7,079.11 7,107.90 28,088,600 7,107.90

Jun 24, 2011 7,231.73 7,273.32 7,099.22 7,121.38 40,547,100 7,121.38

In Asia, all of the markets rallied less than Friday's U.S. except for Shanghai and Hong Kong which are playing catch-up.  Nikkei up .98% underperformed U.S. Friday tape.