Thursday, July 5, 2012

Market update 7/5/12

Choppy going here but hey it is lunch time

Job Numbers on tap for the AM and there's no use guessing what the reaction will be

Does not lok like we had climax buying on Tuersday, so that suggests we stll have some upside to be seen to finish this off on the short term. The counter opinion to this is that we had the run up pre holiday to suck everyone in, only to trap them with a flush out, and an event like the Job Numbers is as good of a reason as any. 

My opinion remains that the Bull's have "control of the ball" here, but nothing moves in a straight line, and buy and sell "mini climaxes" are good for flushing out the weak participants, allowing the professionals to take profits and for setting up the next move.

Right now, we are seeing the ADX On the 5 minute S&P futures wind down, which will set us up for a nice move, eventually.  How many minutes in an eventually of course is the big question. I'd say after lunch, at a minimum.


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